FXstreet.com (Barcelona) - The Sterling has dropped against in the American session after trading in a narrow range between 1.6630/60. in the last minutes, GBP/USD has broken down 1.6630 to trade below 1.6600 level and test the 1.6575 support.
Currently the pair is trading around 1.6580/90, 0.95% below today's opening price action, continuing with its decline from 1.6800 after Mervin King's comments.
The ecPulse.com analysis team comments how King's comments have affected the Sterling: As Bank of England Governor Mervyn King stated that the economy is struggling for recovery as he is keeping an open mind towards expanding the bond purchasing program, meant that the nation continues to suffer from the worst economical phase since post world war era which therefore weighed heavily on the pound. The GBP/USD is currently trading at 1.6640 recording a high of 1.6799 and a low of 1.6618 between the support of 1.6632 and resistance of 1.6683 and if the mentioned support is broken, the pair will head towards the upcoming support of 1.6546.