GBP Trading Outlook (08-07-2011)
The Sterling (GBP) was caught in a tight range under 1.6000 with the market consolidating waiting for further catalysts. The selling has subsided for now though and solid support is forming in the 1.4920-50 region. EUR/GBP is back at 0.9000 after a sharp reversal higher overnight. The BOE held at 0.5% as widely forecast and had little impact on the market.   Overall the GBP/USD traded with a low of 1.5943 and a high of 1.6020 before closing the day at 1.5670 in the New York session. Looking ahead, June PPI output forecast at 0.1% vs. 0.2% m/m.
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