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Forex: GBP/USD breaks 1.6600 and trades at fresh 2-week high

Thu, Nov 5 2009, 12:41 GMT
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FXstreet.com (Barcelona) – The Sterling has continued rising in the last hour after the BoE decision to increase its QE plan to 200B against the Dollar with the pair rising more than 145 pips from 1.6490 to break 1.6590/1.6600 resistance zone and trade at 2-week high close to 1.6635.

The BoE has left Bank Rate on hold at 0.5%, while announced its decision to extend its quantitative easing program to GBP200 billion from previous GBP 175 billion.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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