Forex: GBP/USD: Pound reverses from 1.6635, back to 1.6570

Thu, Nov 5 2009, 14:18 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - Pound's rally from 1.6465 low has extended to a two-week high at 1.6635 on the back of BoE releasing the plan to expand its quantitative easing programe, although the pair has failed to consolidate above 1.6600 and Sterling reversed to levels around 1.6570 at the moment of writing.

At this point, next support level lies at 1.6510, and below here, 1.6465 session low, and 1.6400 (Nov 4 low). On the upside, initial resistance lies at 1.6635 session high and above here, 1.6695 (Oct 23 high) and 1.6745 (Jun 30/Sept 11 high).

GBP/USD

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