The British Pound doesn’t “use” the dollar weakness to reach new ground. 1.6660 is one of the strongest resistance lines seen in a long time.  The rate statement didn’t include the spice to send the Pound higher. GBP/USD now trades at 1.6598 after making a trip to 1.6659 and back. Also NZD/USD made a similar  round trip. The resistance line is amazing in its strength. While the EUR/USD, USD/CHF, AUD/USD and NZD/USD are in new ground, enjoying the dollar’s weakness, the Pound reached the resistance line just today. And it bounced. 1.6660 served as a resistance line many times in the past. It was created on October 30th 2008 when is was a swing peak. It was tested over and over in recent months. For one week in August, GBP/USD traded above this line. But after it fell back down, 1.6660 preserved its status. Mervyn King and the other BoE members released a rather calm rate statement. Apart from leaving the interest rate unchanged at 0.5%, the historic low, also the Quantitative Easing program remain unchanged at 175 billion. After they surprised last time with an expansion of the QE program, this statement had no surprises. The Pound initially enjoyed a rally that took it over 100 pips higher, until it reached the resistance line. There, no energy was left for it. The US dollar has a really bad weak. The first wave of dollar weakness was followed by a second wave. EUR/USD finally broke out of range. In those posts I wrote that the Pound was left behind. Also today, when GBP/USD already got close, it didn’t break the super strong resistance. Here’s Mohammed Isah’s GBP/USD updated analysis. Will the Pound make a breakout later? 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 Opinions share Read Next Forex Daily Outlook – September 11th 2009 Yohay Elam 13 years The British Pound doesn't "use" the dollar weakness to reach new ground. 1.6660 is one of the strongest resistance lines seen in a long time.  The rate statement didn't include the spice to send the Pound higher. GBP/USD now trades at 1.6598 after making a trip to 1.6659 and back. Also NZD/USD made a similar  round trip. The resistance line is amazing in its strength. While the EUR/USD, USD/CHF, AUD/USD and NZD/USD are in new ground, enjoying the dollar's weakness, the Pound reached the resistance line just today. And it bounced. 1.6660 served as a resistance line many times in… Top 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.