GBP Trading Outlook (04-04-2012)
The Sterling (GBP) disappointed the buyers who had bought above 1.6000 with the strong USD reversing the Pound back to 1.5900 and we could pull back further if the USD strength persists into the European session today. With the fresh high in place buyers will be cautious buyers this time around although GBP/JPY is still showing signs of strength and EUR/GBP is still pressuring 0.8300 support. Looking ahead,EU February Retail Sales forecast at 0.0% vs. 0.3% previously. Also German Industrial Orders forecast at 1.2% vs. -2.7% previously. Also, ECB Rate meeting tonight forecast to hold at 1.0% but focus on press conference afterwards.
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