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GBP Trading Outlook (04-08-2011)

The Sterling (GBP) tracked the stocks and Euro higher supported on stronger than expected PMI data. July Services PMI jumped to 55.4 vs. 53.9 previously. GBP/CHF surged with the Swiss intervention while&nbsp GBP/JPY soared with Japanese intervention. 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, BOE Rate decision forecast to hold at 0.5%

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