FXstreet.com (Córdoba) - The Dollar is extending its gains against the Pound during the American session. GBP/USD fell to 1.6714, hitting a fresh intra-day low. The pair is heading toward 1.6700 and if it falls further support could be located at 1.6670 (Nov 16 low) and below at 1.6620 (Nov 12 high).
GBP/USD is approaching to an uptrend line in four hour charts that could limit Greenback's rally. Currently the pair trades at 1.6718/24, 0.54% below today's opening price.
James Hyerczyk, analyst at ForexHound.com, comments: The GBP USD is trading lower at the mid-session. This is either being triggered by a negative reaction to the Bank of England minutes or overbought technical conditions. The major news from the BoE minutes was the fact that the vote was split regarding the expansion of the central bank's quantitative easing program. The initial reaction to the split vote was positive as it suggested the bank would not expand further. The market, however, broke after a follow-through rally failed.