Fxstreet.com (Sydney) - The mood was decidedly bearish as the GBP/USD first gained then lost 50 pips to close at 1.6385. At point the pair traded at 1.6327.

The hourly trends are down with key resistance at 1.6315. While investors leapt on the dollar to avert risk, further pressures may be placed on the Sterling as the BoE considers prospects of further quantitative easing (QE).