FXstreet.com (Córdoba) - Dollar is getting stronger across the board with the exception of the Yen on a big sell-off in equities. GBP/USD fell after the opening bell to 1.6415 (intra-day low). From there rebounded sharply and rose back above 1.6500 but failed to hold and regained the downside.
After finding resistance at 1.6450, Dollar gain momentum and the pair fell to 1.6410 posting a fresh intra-day low. The next support lies at 1.6400 and below at 1.6330.
Michael J. Malpede, analyst at Easy Forex affirms: The main focus for GBP trade apart from the risk appetite is BOE policy outlook. In light of last week's report of a surprise decline in UK Q3 GDP the BOE may elect to expand its asset purchase plan at next week's policy meeting. The BOE meet on November 5th and are expected to decide whether to extend the current size of the asset purchase plan of £175 bln. The BOE's decision will be crucial to the outlook for the GBP because a number of central banks and governments are preparing to withdraw stimulus.