GBP Trading Outlook (03-08-2011)
The Sterling (GBP) was under pressure against the safe havens but losses where contained with plenty of support under 1.6300. GBP/CHF slipped with EUR/CHF to all time lows but EUR/GBP fell back to 0.8700 as the Euro concerns continued. Overall the GBP/USD traded with a low of 1.6235 and a high of 1.6477 before closing the day at 1.6310 in the New York session. Looking ahead, July PMI services forecast at 53.3 vs. 53.9 previously.
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