The Sterling (GBP) was pushed lower under the weight of heavy Euro selling and broke below 1.6000. EUR/GBP still fell however as the Pound outperformed the single currency and could pull back further if Trichet is dovish tonight. Overall the GBP/USD traded with a low of 1.5945 and a high of 1.6093 before closing the day at 1.5995 in the New York session. Looking ahead, BOE Rate announcement forecast at 0.5%.
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