Forex: GBP/USD rises to 1.6700 area as trade deficit widens

Tue, Nov 10 2009, 09:56 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound has risen about 50 pips, to extend rebound from 1.6600 session low to levels right below 1.6700 as UK trade deficit widened in September against expectations.

UK trade deficit rose to GBP 7.2 billion in September, from GBP6.1 billion in August, downwardly revised from GBP6.1 billion deficit previously estimated, against market's expectations of a deficit around GBP6.1 billion.

The Pound has met resistance at 1.6680/90, in case of further recovery, next resistance levels lie at, 1.6745/50 (Jun 30/Sept 11 highs) and 1.6790 session high. On the downside, support levels are 1.6600, and below here, 1.6570 and 1.6500/15 (Nov 4/6 low).

GBP/USD

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