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GBP Trading Outlook (12-07-2012)

The Sterling (GBP) the GBP/USD reversed a rally from 1.5570 to 1.5500 after the FOMC minutes threw cold water on QE3 hopes. The lack of EUR/USD support is weighing on the GBP which had been developing some bullish feel in the previous few weeks. A break of 1.5450 would put 1.5000 back into the radar and encourage further attempts lower. Looking ahead, May Industrial Production forecast at 0.0% vs. -0.8% previously. Also ECB President Draghi speaks today.

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