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GBP Trading Outlook (29-06-2011)

The Sterling (GBP) was not eager to rally with annual Q1 GDP downgraded to 1.6% vs. 1.8% previously and continued bearish sentiment towards the BOE monetary policy. The large stock gains forced the market higher but it lagged the rest of the market best expressed by the EUR/GBP which pushed towards 0.9000. Overall the GBP/USD traded with a low of 1.5909 and a high of 1.6046 before closing the day at 1.5995 in the New York session. Looking ahead, May Mortgage approvals forecast at 46.1k vs. 45.2k previously.

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