Forex: GBP/USD: Pound jumps 100 pips to 1.6600 as BoE extends QE

Thu, Nov 5 2009, 12:13 GMT
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FXstreet.com (Barcelona) - The Pound has surged back to 1.6610 resistance area as the Bank of England announced its plan to extend quantitative easing, although resistance at 1.6600 has not been broken yet.

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.

The Pound has surged from 1.6500 all the way to 1.6610 although so far the pair has not confirmed above 1.6600. In case of breaking 1.6600, next resistance levels lie at 1.6640 (Oct 21 and 22 high) and 1.6695 (Oct 23 high). On the downside, support levels lie at 1.6500 and below here, 1.6465 session low, and 1.6400 (Nov 4 low).

GBP/USD

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