GBP Trading Outlook (06-06-2011)
The Sterling (GBP) bounced with the Euro but underperformed with EUR/GBP pushed higher. The market is still not eager to buy the Pound with the UK economy under a cloud of stagflation. The Possibility of high inflation and low growth is a toxic mix that will make it hard for the Bank of England to raise rates. Overall the GBP/USD traded with a low of 1.6284 and a high of 1.6438 before closing the day at 1.6430 in the New York session.
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