GBP Trading Outlook (12-01-2012)
The Sterling (GBP) the GBP/USD was the weakest currency in the market overnight with weak November Trade Balance data the catalyst for a move towards 1.5300. The EUR/GBP took advantage of this to move up to 0.8300 in a rare rally for the cross which has been in a downtrend for the past two months. The BOE meeting tonight is expected to be a non-event. Looking ahead, BOE forecast to hold at 0.5%. If no change then there is not statement or press conference.
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