GBP Trading Outlook (08-06-2012)
The Sterling (GBP) the BOE held as forecast and didn’t expand their QE program so the GBP/USD rallied on the back of China rate cut news to above 1.5600 before reversing with the Euro lower later in the day. Traders are cautious getting long at these levels as the longer term trend is still negative the relief rally has been on for 4 days already. Looking ahead, May PPI output forecast at 0.7% vs. 0.1% previously. April German Trade Balance forecast at 13.5bn vs. 13.7bn previously.
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