FXstreet.com (CÃ³rdoba) - Cable failed to hold above 1.6600 and weakened against the Dollar. GBP/USD fell to 1.6555 (August 12 high), which now holds as a support. The pair is stable and moves in a small range. Earlier the Pound rose to 1.6663 (intra-day high) from where it started to fall. Greenback could gain momentum if the pair breaks below 1.6555.
Andrew Wilkinson, Analyst at Interactive Brokers, comments: The British pound continues to claw its way back against the dollar but less so against the euro today. Sterling bulls were warned yesterday that any thoughts of a widening yield advantage through increases in British interest rates were likely premature. Declining price pressures ahead in the face of stiff growth headwinds will ensure little change out of the Bank of England for a couple of years. While that currently feels like a throwaway comment, the harsh reality is that the Bank's current projection itself indeed shows no need for change.