FXstreet.com (Sydney) - The pound continues to rise against the dollar and is currently trading at 1.6824 which is its highest level in 12 weeks. The pair opened at 1.6815 and posted an intraday high of 1.6833 before settling to current levels. The pair is considered bullish and maintains support at 1.6781 and resistance at 1.6874.

In New York, the dollar fell and commodities rose after a speech by Fed president, Ben Bernanke. During the address, Mr Bernanke spoke about maintaining interest rates at historic lows for an extended period while acknowledging this policy would continue to put pressure on the dollar and increase commodity prices. Nevertheless, Mr Bernanke did express that the central bank is monitoring the dollar closely and maintaining its dual approach of creating jobs and dollar price stability.

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