GBP Trading Outlook (13-07-2011)
The Sterling (GBP) tested 1.5800 on bearish European events and stock markets before reversing with the short covering rally back to opening levels near 1.5920. June CPI came in at 4.2% vs. 4.5% forecast and eases some of the pressure on the BOE to hike rates and is another negative for the embattled pound. Overall the GBP/USD traded with a low of 1.5779 and a high of 1.5950 before closing the day at 1.5930 in the New York session. Looking ahead, June Claimant count forecast at 15k vs. 19.6k previously.
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