GBP Trading Outlook (06-03-2012)
The Sterling (GBP) dipped into European session but was supported under 1.5800 on two attempts before rallying above 1.58500. The EUR/GBP has been under pressure and the GBP buying through this cross has been a constant source of support in last week. The market is looking to resume its uptrend with or without the Euro and so the EUR/GBP is being closely watched for signs of GBP independence. Looking ahead, EU Q4 GDP forecast at -0.3% Q/Q. Also, UK Halifax House Prices are forecast at 0.3% vs. 0.6% previously.
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