Forex | Forex | Forex: Pound recovery against the Dollar stops at 1.6460 (24/07/2009 18:25:00)

Forex: Pound recovery against the Dollar stops at 1.6460

FXstreet.com (Córdoba) – Cable is recovering after falling to 1.6389 earlier in the day after a report showed a bigger than expected contraction during the second quarter in the United Kingdom economy. GBP/USD found resistance at 1.6460. In the last hours the pair has been moving inside a range between 1.6405 and 1.6460. The pair is 0.25% below today’s opening price.

The Forexrazor Team affirms: “The preliminary GDP for the UK came in much worse than expected at - 0.8, and down 5.6% from year ago numbers and negates some of the B of E's optimism.. Yesterday's high of 1.6586 was just shy of our 1.6590 sell order. We are currently trading at 1.6439. US equities are mixed to easier this morning, and probably a drag on the pound. The univ. of Michigan Consumer Sentiment released this morning was 66.0 down for the first time in 5 months. Prefer to wait until Monday to initiate a new trade but would be tempted to sell this pair if given the opportunity around 1.6525.”

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