FXstreet.com (Sydney) - The GBP has continued to strengthen against the dollar, climbing to 1.6669. The pair rose steadily after opening at 1.6626 and even posted an intraday high of 1.6679. The pair has since been operating within a narrow margin around 1.6670/75. The pair maintains upwards tendencies and is considered slightly bullish. The cable finds support at 1.6620 and resistance is at 1.6717.
Meanwhile, UK growth estimates of around 3.25% and 3.75% are being questioned by an influential group of European analysts. Euroframe has forecast instead that the UK economy should grow by around 1.7% in 2011. While Alistair Darling may revise his estimates, this would undermine his spending and tax plans which assume the economy will bounce back quickly.