GBP Trading Outlook (04-12-2012)

The Sterling (GBP) was strong advancing to 1.6100 tracking the Euro strength and reacting to better than forecast PMI manufacturing at 49.1 vs. 47.3 previously. GBP/JPY is finding resistance above Y132 but is still well supported on dips. Looking ahead, November UK Construction PMI forecast at 50.5 vs. 50.9 previously.

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