GBP Trading Outlook (24-01-2013)
The Sterling (GBP) is under pressure being sold on rallies and in danger of further losses on most of the GBP crosses with GBP/AUD at 1.5000 overnight. Sentiment towards the Pound is souring because of the MPC signaled intent to expand their QE if the economy continues to stall. The MPC minutes overnight confirmed this with 1 member actually voting for an expansion at January’s meeting. Governor King also commented on the relative strength of the sterling. Looking ahead, January MPC minutes forecast at 9-0 hold vote. Also November Unemployment Rate forecast at 7.8% unchanged from the previously month.
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