GBP Trading Outlook
The Sterling (GBP) was weak with a small Cable rally being sold into as EUR/GBP buying weighs on the major. London was closed for holidays so traders will be waiting for Thursday to get a real feel for GBP/USD’s strength. Also ahead, November Mortgage Approvals forecast at 34.6k vs. 33k previously.
The Sterling (GBP) pushed to 1.6270 before consolidating and closing at 1.6250. EUR/GBP edged higher to 0.8140 close to the highs for the month seen at 0.8150. CPI came in pretty hot at 2.7% y/y and hinders the BOE ability to expand QE. Also ahead, MPC Minutes. Also December CBI Distributive Trades forecast at 25 vs. 33.
The Sterling (GBP) was sidelined by profit taking and demand on dips for GBP/USD. Cable hugged the 1.6200 figure for most of the US session and the Asian session so far Tuesday. Looking ahead, November UK CPI forecast at 0.2% vs. 0.5% previously. Also ahead, November Retail Prices forecast at 3.2% y/y.
Go to The Sterling (GBP) Archive