Forex: GBP/USD continues to fall and is trading at 1.6652

19 November 2009 @ 09:05 pm EDT

FXstreet.com (Sydney) - The pound continued its losses against the dollar and has fallen steadily to trade at 1.6652. The pair has traded in a narrow range after falling sharply to its intraday low of 1.6635. The GBP/USD finds support at 1.6599 and resistance is at 1.6701. The pair is considered strongly bearish.

In world markets commodities fell following less than impressive economic news from the US. While job claims fell, unemployment in the US is at double digits and housing starts have decelerated to a 6-month low rate. Investors chose the dollar as a safe haven instead of commodities.

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