GBP Trading Outlook (24-07-2012)
The Sterling (GBP) the GBP/USD was dragged lower to 1.5500 in the risk off environment with EUR/GBP actually rallying and the Pound underperforming the rest of the market. Traders believe this was just a technical correction and that the EUR/GBP should continue as the European Debt Crisis rolls on. Looking ahead, BBA Mortgage Approvals forecast at 31.4k vs. 30.2k previously. Also EU July Flash PMI forecast at 45.3 vs. 45.1 previously. EU July Flash Services PMI is forecast at 47.3 vs. 47.1 previously.
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