FXstreet.com (Sydney) - The pound reversed recent against the dollar and is trading at 1.6609. The pound had earlier opened at 1.6585 and had been as low as 1.6574 before recovering. The pair finds support at 1.6557 and resistance is at 1.6654. The pair is considered slightly bullish.

Earlier, US GDP growth data was released by the Fed showing that the economy grew in the September quarter though not as much as first thought. The economy grew by 2.8% down from the estimated 3.5% as consumers were too wary to spend to invigorate the recovery.

The share market originally fell following the news but recovered slightly as the Fed revised upwards its outlook for growth in 2010 from 2.5% to 3.5%.