Sterling ends the week weak across the board. Profit-taking was the theme this Friday trading session as investors banked pips on a strong bull trend in sterling that has been raging for weeks. As we head into the weekend, the question that traders start to ask is: did we witness a correction this week or the beginning of a reversal as the market comes to grips with a very weak UK economy relative to others in the G10 such as Canada, Australia, and the US. Watch the major psychological level at 1.6000 in $GBPUSD, $GBPAUD, and $GBPCAD for answers into the new trading week ahead.
- King Seen Signaling QE an Option as Euro Tensions Flare (Bloomberg)
- Euro Anti-Austerity Votes Pose Dangers for Britain (EconoMonitor)
- David Cameron: the man in the middle in Europe (The Telegraph)
- GBPUSD Update (50’s Blog)
- Lots of questions about GBPCAD (Chart.ly)
- The Nasty Cable Trade (MarketVision TV)
- EUR/GBP: Retest Of .8000 Likely After Brief Bounce (FX360)
One Reply to “Sterling Digest, May 11 2012: the cracks appear”