GBP Trading Outlook (30-06-2011)

The Sterling (GBP) pushed higher with general risk on trade but the relentless rise of EUR/GBP which broke above 0.9000 capped Cable gains. May Mortgage approvals increased to 45.9k vs. 45.2k previously but slightly less than 46.1k forecast and still very low. Overall the GBP/USD traded with a low of 1.5968 and a high of 1.6082 before closing the day at 1.6075 in the New York session. Looking ahead, June Nationwide Prices forecast at 0 vs. 0.3% previously.

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