Forex: GBP/USD steady at 1.6517 as BoE extends investment into UK economy

Fri, Nov 6 2009, 00:34 GMT
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FXstreet.com (Sydney) – The GBP/USD lost ground from an intraday high of 1.6634 to currently trade at 1.6517. Economic data was released on both sides of the Atlantic that may keep investors guessing their next steps. The pair finds resistance at 1.6710 and support at 1.6260. Likely trend is sideways-down.

In Europe the ECB kept interests low and remained unclear as to when its monetary stimulus would end. ECB President Jean-Claude Trichet instead urged governments to set a “clear and credible exit strategy” to correct “rising fiscal imbalances.” Rates remained at 1% in Europe and 0.5% in the UK. In London, the BoE said it would inject a further £25bn into the UK economy.

GBP/USD

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