GBP Trading Outlook
The Sterling (GBP) was higher pushing above 1.6100 but found heavy resistance and reversed back to support at 1.6040. March HPI fell -0.1% vs. 0.3% previously and as expected. While Cable Holds above 1.6000 tentative bottom may be in place but the market is still very uncertain on the UK going forward. Overall the GBP/USD traded with a low of 1.6014 and a high of 1.6154 before closing the day at 1.6040 in the New York session. Looking ahead, March PMI Manufacturing is forecast at 60.6 vs. 61.5 previously.
The Sterling (GBP) was able to finally rally on the back of strong data and positive markets. CBI Distributive trades jumped to 15 vs. 6 previously in March. EUR/GBP slipped to 0.8750 but losses was contained and most of the moves were seen on GBP/JPY. Overall the GBP/USD traded with a low of 1.5977 and a high of 1.6086 before closing the day at 1.6080 in the New York session. Looking ahead, March Nationwide HPI forecast at -0.1% vs. 0.3% previously.
The Sterling (GBP) continued to underperform and was punished against the Euro which hit year highs above 0.8830 on EUR/GBP before paring back some gains. Cable continued to pivot 1.6000 with range traders enjoying some stability since Monday. Overall the GBP/USD traded with a low of 1.5934 and a high of 1.6046 before closing the day at 1.6010 in the New York session. Looking ahead, March CBI Distributive Trades forecast at 0 vs. 6 previously.
The Sterling (GBP) we the underperforming as MPC member Posen talked down the inflation threat and GBP/USD broke below 1.6000. Broad GBP weakness has been seen in recent session with the market struggling to find buyers on most pairs. Overall the GBP/USD traded with a low of 1.5934 and a high of 1.6040 before closing the day at 1.5990 in the New York session.
The Sterling (GBP) fell back to the 1.6000 major level as Cable fell in sympathy with the EURO. EUR/GBP fell back slightly from the 0.8800 level and is developing into a closely watched gauge of GBP relative strength. Overall the GBP/USD traded with a low of 1.6021 and a high of 1.6142 before closing the day at 1.6021 in the New York session.
Go to The Sterling (GBP) Archive



