GBP Trading Outlook (28-06-2011)

The Sterling (GBP) The downside is becoming slightly exhausted against the USD with Cable finding support towards 1.5900 and testing 1.6000. EUR/GBP is under pressure though with the major cross extending above 0.8900 and could retest the very critical 0.9000 level and major psychological resistance. Overall the GBP/USD traded with a low of 1.5911 and a high of 1.6015 before closing the day at 1.5980 in the New York session. Looking ahead, Q1 GDP Forecast unchanged at 0.5%. Also ahead, Inflation Report Hearing.

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