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GBP Trading Outlook (02-08-2011)

The Sterling (GBP) rallied in Asia before falling back to opening levels and finding support under 1.6300. EUR/GBP fell as the Pound outperformed relative to the troubled Euro. GBP/JPY was extremely volatile falling from Y128 to Y124 as the USD/JPY gyrated wildly. UK Factory PMI slipped into contractionary levels for the first time in 2 years. 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 Construction forecast at 53 vs. 53.4 previously.

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