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GBP Trading Outlook (23-06-2011)

The Sterling (GBP) was the weakest currency in the market under pressure before the general USD strength on its own Bank of England meeting minutes. The vote came in 7-2 as expected but support for further expansion of the asset purchase program gave bears ammunition to sell Cable back towards the 1.6000 level. Overall the GBP/USD traded with a low of 1.6040 and a high of 1.6265 before closing the day at 1.6055 in the New York session. Looking ahead, June CBI Distributive Trades forecast at 10 vs. 18 previously.

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