FXstreet.com (Córdoba) - Cable is consolidating losses against the Dollar. GBP/USD trades a few pips above the lows of the day that lie at 1.6253, which is also the lowest price in a month. The pair has been moving with a downside bias during the American session but the Dollar so far failed to extend its gains after being unable to break the support at 1.6260.
If the pair falls further it could find support at 1.6250/60 and below at 1.6200 and 1.6150. To the upside resistance lies at 1.6310/20 and above at 1.6380.
James Hyerczyk, from ForexHound.com comments: The British Pound accelerated to the downside this morning on concerns that credit problems in Dubai would spread to U.K. banks. Earlier this morning a report showing that U.K. house prices rose for the firth consecutive month was not enough to ignite buying interest in the December British Pound. Industrial Production was unchanged in October, reminding investors that the economy was still in a weakened state. Manufacturing output was also flat. Further complicating the possibility of a recovery is the threat by the U.K. government to raise taxes and trim spending.