FXstreet.com (Barcelona) - Sterling's bounce from intra-day low at 1.6480 has extended well above 1.6600 as the Pound broke 1.6620 resistance on the back of U.S. Trade balance and Jobless claims data, to reach a fresh 4-week high at 1.6659.
U.S. Trade deficit widened 16.%3, month on month, the largest monthly increase since 1999, to $31.96 billion in July, from $27.49 billion in June. Furthermore, Initial jobless claims fell by 26,000 in the week of Sept 5 to 550,000.
At the moment, the Pound lies right below 1.6660 (Aug 13 spike high) and above there, 1.6680 and 1.6770. On the downside, initial support levels lie at 1.6590 (Sept 8 and 9 high), and below there, 1.6530 and 1.6450 (Sept 7 high/ Sept 9 low).