FXstreet.com (Córdoba) - The Sterling failed earlier to hold above 1.6600 after peaking at 1.6635, posting the highest price since October 23. GBP/USD tested the zone again during the American session but it was unable to break above. Currently it trades at 1.6570/75, 0.15% above today's opening price. On the downside the pair has a support at 1.6555/60 and below at 1.6530.
Michael J. Malpede, analyst at Easy Forex comments: Recent UK economic data shows improvement in the housing and consumer sector and today's manufacturing data also points towards recovery. Whether the BOE will continue expanding its asset purchase program will depend on upcoming UK economic data. NIESR says the UK economy contracted by 0.4% in the three months through October. The impact of the BOE decision should be limited as focus returns to risk appetite. GBP upside was limited by the NIESR GDP report and position squaring ahead of tomorrow's release of US nonfarm payrolls.