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Forex Trading: UK's Pound Sterling remains under pressure

Posted by Greg Michalowski on Wed, 05/07/2008 - 9:32am in

 

The UK currency pairs remain under pressure this morning as weaker data out of the UK, has people thinking that there may be a chance of a cut, or at least a split vote tomorrow. 

At the last BOE meeting they voted for a 25 basis point cut.  However, there were 2 who wanted a greater 50 basis point cut (full disclosure... there was one member who did not want a cut).  Given the weaker data of late, those two votes may gather additional followers.  Between now and then then National Institute of Economic and Social Research releases an estimate of GDP for the month of April at 7:01 PM EDT.    A weak number may get more attention then usual.  Last month it came at 0.5% for the quarterly growth percentage