FXstreet.com (Córdoba) - The Pound fell on Friday against the Dollar but managed to hold weekly gains. GBP/USD failed to break above 1.6600 and started to fall. The pair found support at 1.6410 and ended the week near the 1.6450 zone. Cable rose for the week but is still moving sideways against the Dollar in a range between 1.6230 and 1.6700.
Against the Euro, the Pound rose on Friday for the fifth consecutive session and broke and important trend line. EUR/GBP finished the week below 0.9000 for the first time since mid September. To the Swiss Franc, also posted important weekly gains as GBP/CHF finished near the highs of the week that lie at 1.6940 (one-month high).
Michael J. Malpede, analyst at Easy Forex affirms: GBP posted strong gains versus the EUR this week supported by report of improving UK consumer confidence and a rise in UK house prices. The trade will turn focus to the November 5th BOE (Bank of England) policy meeting and whether the BOE elects to maintain its current level of asset purchases or to expand those measures. (…) Because of the uncertain outlook for the UK recovery the BOE is expected to be the last to exit accommodation and may actually be forced to expand policy measures.