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GBP Trading Outlook (01-07-2011)

The Sterling (GBP) Was under pressure due to heavy EUR/GBP buying translating in Cable losses. Support was found under 1.6000 but the market is fragile and playing the game of the least worst when comparing GBP and USD. Next week&rsquo s BOE meeting will potentially further damage the Sterling if they increase the Asset Purchase Program as the previous meeting minutes suggested they might. Overall the GBP/USD traded with a low of 1.5971 and a high of 1.6120 before closing the day at 1.6040 in the New York session. Looking ahead, June PMI Manufacturing forecast at 52.1.

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