FXstreet.com (Sydney) - The GBP/USD lost some ground from recent gains to now trade at 1.6647. While the pair is still up 3.62% for the month, there are worrying signs for the pair with the likely trend to continue downwards. Key support can be found at 1.6260 while resistance can be found at the 1.6700 level.

The pound was boosted by the BoE's decision to continue expanding its QE strategy, investing a further £25bn in the British economy. While there was positive news on the US economy last week, this did not affect the pound. There are more news to come out of Britain this week including housing pricing as well as the Claimant Count Change. This is the most important employment release in Britain. And while the number of people seeking benefits has risen steadily since last year, last month's report showed a less than expected increase. This Wednesday's report should affect the pound.