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GBP Trading Outlook (20-06-2012)

The Sterling (GBP) A drop in UK CPI hurt the GBP/USD and meant most of the risk rally was missed. Resistance was seen at 1.5600 and we need to get sustained good news to help the GBP/USD resume its uptrend. EUR/GBP rallied towards 0.8080 with the Eurozone rumours helping the buyers halt the slide. Looking ahead, May German PPI forecast at -0.2% vs. 0.2%. Also UK April Unemployment rate forecast to remain at 8.2%. Also MPC minutes released June meeting forecast at 9-0 hold.

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