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Tuesday, December 1, 2009

GBP/USD: Cable rises further

The Pound is extending it gains across the board. GBP/USD recently rose to 1.6645, fresh intra-day high and currently trades at 1.6637/42, 1.25% above today’s opening price. The pair is posting at the moment the biggest daily gain in more than a month. To the upside, resistance lies at 1.6650 (Nov 23 high) and above at 1.6695/1.6705 and 1.6730 (Nov 26 high).

Andrew Wilkinson, affirms: “One of the biggest gains against the dollar came today from the British pound following a further increase in home prices according to data from the Nationwide and Halifax building societies. Both companies have different composition methods for their data, but the Nationwide showed a 0.5% monthly and 2.7% year-over-year increase in prices for homes. The pound added despite data from the CIPS indicating a slower pace of manufacturing expansion during November. “

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