The Pound declined against the Dollar and the Euro after the Bank of England reduced its economic growth forecast and Governor Mervyn King signaled he may extend bond purchases. Manufacturing Production came out better at 0.9% vs. 0.4% forecast .The main resistance on the daily graph is 1.5800 as long the price is below a short position is preferred. Overall, GBP/USD traded with a low of 1.5570 and a high of 1.5764. No economic data expected today.

GBP/USD - Last: 1.5639

Resistance

1.5765

1.5920

Support

1.5570

1.5535

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