GBP Trading Outlook (16-08-2012)

The Sterling (GBP) the GBP/USD was very quiet for a third day in very rare trade remaining close to the 1.5700 level. GBP/JPY buying and EUR/GBP selling is helping the major remain supported but traders will grow impatient and a breakout either way should happen before the weekend. July Claimant figures improved to -5.9k vs. 6k forecast and the Unemployment Rate dropped to 8.0% vs. 8.1% previously. Looking ahead, July Retail Sales forecast at -0.1% vs. 0.1% previously.

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