Forex: GBP/USD weaker and trades at 1.6417

Tue, Dec 1 2009, 03:11 GMT
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FXstreet.com (Sydney) – The pound has lost recent gains on the dollar and has fallen steadily to reach 1.6417. The pair posted an intraday low of 1.6409 before staging a mild recovery. The pair has been operating within a narrow margin, maintains sideways tendencies and is considered slightly bearish. The cable finds support at 1.6380 and resistance is at 1.6476.

The pound was unable to hold onto earlier gains following negative economic reports. Pressure came from earlier reports showing that consumer confidence had fallen for the first time in 12 months. The report also showed that there was a general feeling that the UK economy would continue to weaken despite the massive stimulus being pumped into it. Pressure may see the pair drop to 1.6250 if important supports are broken.

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