Forex: GBP/USD falls slightly after Fed's statement

By IBTimes Staff Reporter | January 27 2010 3:28 PM

FXstreet.com (Córdoba) - The Pound has extended its decline from 1.6244 (intra-day high) after the FOMC announced its decision to keep rate at historic low levels. GBP/USD is testing levels below 1.6150 and trades at 1.6140/43, the same price it had at the beginning of the day. Cable has lost previous gains against the Dollar.

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Support levels according to Valeria Bednarik, collaborator at FXstreet.com lie at the 1.6110 are and below at 1.6060.

The Fed has voted to keep its Funds rate at 0% to 0.25% level while economic conditions warrant exceptionally low levels of the federal funds rate, although Thomas M. Hoenig, vote against the policy action assessing that financial and economic conditions have changed sufficiently that the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted.

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