GBP Trading Outlook (21-06-2011)

The Sterling (GBP) stumbled along with some downside seen on general strike fears. The government announced over the weekend that the working age will be increased to receive a pension in an effort to save billions in future payouts. A strong bounce into the close was seen as cable tracked the Euro higher. Overall the GBP/USD traded with a low of 1.6107 and a high of 1.6256 before closing the day at 1.6225 in the New York session. Looking ahead, June CBI distributive trades forecast at -5 vs. -2 previously.

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