Forex: GBP/USD stronger and trades at 1.6600

Wed, Dec 2 2009, 03:39 GMT
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FXstreet.com (Sydney) – The pound bounced back from recent falls to the dollar and is trading at 1.6600. The pair had earlier opened at 1.6604 but had reached an intraday high of 1.66239 before easing slightly. The pair has since been operating within a narrow margin around 1.6600/04. The pair maintains downward tendencies and is considered slightly bearish. The cable finds support at 1.6548 and resistance is at 1.6640.

The pound benefited from a commodities rally and abating fears about Dubai to gain on the dollar. There has also been positive news from the US where growth has occurred for a ninth consecutive month and a fourth straight month of growth within the manufacturing sector. Gold broke above the USD 1200.00 and has risen around 30% for the year boosted by a 10% growth in the Chinese economy.

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