FXstreet.com (Córdoba) - Despite the recovery in stocks in Wall Street that moved away from the lows of the day, Greenback is consolidating gains across the board. GBP/USD rebounded after falling to a fresh intra-day low at 1.6753 and rose to 1.6802. The pair trades a few pips under 1.6800, 0.15% below today's opening price. The Pound is posting moderate losses against the Dollar after rising more than 250 pips in the last two days.
Michael J. Malpede, analyst at Easy Forex comments: GBP traded lower with downside limited by report of higher than expected UK consumer inflation. GBP was pressured by a down turn in risk appetite as global equity markets decline in reaction to IMF statement that the global recovery may be sluggish. (…) The technical outlook for GBP is positive as GBP trades above 1.6700. Expect near-term support at 1.6670 the November 16th low with resistance at 1.6875 for November 16th high.