Forex: GBP/USD hits 1.6590 as intra-week high ahead the FOMC decision

Wed, Nov 4 2009, 17:26 GMT
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FXstreet.com (Barcelona) – The Sterling has continued with its strengthening against the Dollar from yesterday's low at 1.6260 and, after rising around 90 pips in the minutes following the ISM non-manufacturing data from 1.6500, GBP/USD has hit 1.6590 as fresh intra-week high.

Currently the pair is trading around 1.6580/90, 0.80% above today's opening price action at 1.6440.

According to ecPulse.com analysis team the Dollar is plunging on buoyant bank earnings: “As for the sterling-dollar pair, it is showing an incline on the daily and 4-hour charts. PMI services for October released today reached its highest level since August 2007 ahead of the BoE meeting tomorrow where they will set the interest rate and announce the amount of the asset purchase facility program. So far, the pound is trading at 1.6572 setting a high of 1.6576 and a low of 1.6398; while the coming support for the pair is seen at 1.6540 and the resistance is spotted at 1.6590.”

GBP/USD

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