Forex: GBP/USD: Cable hovering around 1.6600

Fri, Nov 6 2009, 20:34 GMT
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FXstreet.com (Córdoba) – The Pound rebounded at 1.6575 and rose back to the 1.6600 zone. GBP/USD has been steady, moving sideways between 1.6615 and 1.6590. The pair is heading toward a moderate weekly gain, the second in a row.

The pair rose on Friday to 1.6635 to test intra-week highs but failed to break above. After the release of the payrolls data in the U.S. the pair weakened and moved away from the highs.

Michael J. Malpede, analyst at Easy Forex comments on the coming week: “Next weeks UK economic calendar includes the November 10th release of October BRC retail sales expected at 1.8% compared to 2.8%. September trade balance will also be released on November 10th expected at -6.11bln compared to 6.24bln last month. On November 11th September unemployment will be released expected 8% compared to 7.9% of average earnings unchanged at 1.6% and the claimant count at 27k.”

GBP/USD

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