GBP Trading Outlook (22-03-2012)

The Sterling (GBP) the GBP/USD reversed in Europe as well after a surprise 7-2 MPC vote with two members wanting even more QE at the last meeting. The EUR/GBP was unaffected and demonstrated the resilience of the Pound in recent sessions and GBP/AUD extended gains to test 1.5200. Looking ahead, February UK Retail Sales forecast at -0.4% vs. 0.9% previously. Also ECB President Draghi speaks.

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