FXstreet.com (Sydney) - The pound recovered some losses against the dollar to be trading at 1.6583. The posted an intraday high of 1.6594 but could not hold on dropping to 1.6583. Resistance can be found at 1.6638 while there is support for the pair at 1.6544. The pair is currently considered slightly bullish.

The dollar firmed against all major currencies as commodities and primarily energy stocks fell. Concern also grew around the pace of recovery in the US economy after it posted a record deficit of USD 176.4bn last month. This was higher than expected and the US deficit ended the year at USD 1.42 trillion.