The Sterling was able to muster support on Monday and picked up some of its lost momentum against the USD. There was little in the way of economic data from the U.K. today, but the CPI figures will be released today and the subsequent Inflation Report if needed will be issued, per the guidelines set out by the government if inflation is 3.0% or more. The ruling coalition government has come under questions regarding their tough austerity measures with the prospects of poor growth continuing to be a factor. The MPC Meeting Minutes will be published tomorrow and on Thursday the Retail Sales will be released along with Public Sector Net Borrowing and Net Lending to Individuals. Thus the GBP will be given a strong dose of impetus in the coming days and traders will certainly have the ability to test their sentiment.
Written by bforex.com