Forex: GBP/USD retreats after King comments (Córdoba) - The pound weakened slightly during the American afternoon and erased gains versus the dollar after the BoE Governor King said that the central bank is ready to provide more stimulus if needed.

GBP/USD pulled back toward the 1.5840 area from 1.5870 before the speech, but remains well within its intraday range, capped by 1.5900 on the upside and contained by 1.5810 on the downside.

At time of writing, GBP/USD is trading at the 1.5840 zone, where it is only a few pips above its opening price. According to, Slobodan Drvenica, analyst at Windsor Brokers Ltd, Cable trades in near-term consolidative mode, following repeated failure at 1.5800 support. Recovery is so far limited under initial 1.5900 barrier and 200 day MA, however, "with short-term indicators turning higher, a possible stronger recovery cannot be ruled out", the analyst said.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.