The pound lost ground to the USD once again dropping to 1.6577. The pair traded as low as 1.6535 and has retained bearish tendencies finding resistance at 1.6850 and support 1.6250. The pair is currently trading in a narrow channel between 1.6535 and 1.6581.
In the UK, the BoE’s warning that the economic recovery remained “highly uncertain” is unlikely to help the pound given that a lower pound is necessary to lift demand in UK exports. Other measures to boost the economy include keeping interest rates low, increasing government spending and a quantitative easing, which in effect is printing more money.
GBP/USD (Nov 12 at 06:51 GMT)
H 1.66264 L 1.6553
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.6475 | 1.6516 | 1.6558 | 1.6572 | 1.6613 | 1.6654 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bearish | Neutral |
| Data updated on Nov 12 at 06:35 (15-minute timeframe) |
[ View GBP/USD Technical Studies ]
