British Pound Trades Quietly ahead of Blair to Brown Changeover

Like the Euro, the British pound remained range bound throughout the US trading session. The 2.0 level is proving to be a serious point of contention as the GBP/USD fails to close above that price level for the second consecutive day.

There was no UK economic data released overnight, but tomorrow will be a big day. After 10 years of service, Tony Blair will be stepping down as Prime Minister of the UK and will passing the baton over to Gordon Brown. For more details on what this means for the British pound, see our special report on Blair?s resignation. Mortgage approvals and the CBI Distributive Trades survey are also due for release; improvements are expected in both.