GBP Trading Outlook (10-10-2012)
The Sterling (GBP) GBP/USD continued its correction lower towards the 1.6000 level almost testing it at 1.6020 by the close. The risk off feel and weakening technical picture is hurting the GBP on the major and the crosses. Fresh direction will require clarification of the Spanish bailout saga. Looking ahead, August Industrial Output forecast at -0.5% vs. 2.9% previously. Also, August Trade Balance forecast at -8.5bn vs. -7.15bn previously.
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