British trade balance came out worse than expected, and the rate decision brought no news – except that yet again, the bankers couldn’t agree on a joint statement – the pound is pounded. Update. British trade balance came out weaker than expected – a deficit of 8.5 billion pounds instead of 8.1 billion that was predicted. Also, the figure for the previous month got a downgrade – from 8.2 to 8.4 billion GBP/USD now trades at 1.5750, after touching the 1.5840 line earlier in the day. Support is found at 1.5720, but this is only minor support. The 1.5650 line is much more important. A significant line of resistance above is at 1.60 – a round number that also served as resistance. For more technical analysis for the pound, check out the GBP USD forecast. Cable is falling also due to risk aversive trading that is seen across the board – the dollar is strengthening across the board, continuing the trend from recent days, after taking a small break during the Asian session. The rate decision is due soon in Britain – the MS is split three ways between the majority which is expected to vote for an unchanged interest rate and no new allocation of funds for quantitative easing, and between two members that have a different opinion – hawk Andrew Sentance which wants a rate hike to curb inflation and dove Adam Posen who wants an additional 50 billion pounds of QE to fight unemployment. Mervyn King, the head of the BoE, seeks “truce” after bad publicity. It will be interesting to see if there will be an accompanying statement. No statement means a big divide within the bank, and it could further weaken the pound. Update 12:00 GMT: As expected, no change was made in the interest rate or the quantitative easing program, and indeed, no statement was made. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Irish Sovereign Downgraded by Fitch Yohay Elam 12 years British trade balance came out worse than expected, and the rate decision brought no news - except that yet again, the bankers couldn't agree on a joint statement - the pound is pounded. Update. British trade balance came out weaker than expected - a deficit of 8.5 billion pounds instead of 8.1 billion that was predicted. Also, the figure for the previous month got a downgrade - from 8.2 to 8.4 billion GBP/USD now trades at 1.5750, after touching the 1.5840 line earlier in the day. Support is found at 1.5720, but this is only minor support. The 1.5650 line… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.