The British Pound is falling on all fronts. Mervyn King released two Pound-bearish statements that the sent Pound way down, despite better than expected inflation figures. For GBP/USD, 1.6660 is live and kicking after all. Note the sharp falls against currencies as well: EUR/GBP, GBP/CHF and GBP/JPY. Mervyn King went to the Treasury Committee in parliament today and released a two negative statements: Cutting rates on bank’s reserves, in order to push more money into the economy. Reuters. Britain isn’t getting out of the recession so fast, to say the least. NYTimes. The Pound began diving immediately. GBP/USD fell more than 150 pips, from 1.6650 to under 1.65. Before King’s speech, the Pound traded at 1.6657, the highest for this week. His words later in the testimony about growth in the third quarter were disregarded by the markets. Note this peak: it’s at the resistance line of 1.6660. The small gains made up to now were capped by the resistance line, and King sent the Pound much lower. The Pound was left behind last week, when other currencies celebrated against the dollar. Before this release, CPI was better than expected: 1.6% instead of 1.4%. Also RPI (Retail Price Index) did better than expected by falling only by 1.3% instead of a 1.5% drop. Also Core CPI did better than expected. All the numbers are annually adjusted. Mervyn King definitely sent the Pound down. EUR/GBP is now at new ground of 0.8862, a three month high. GBP/CHF is at 1.71 (4 month low), and GBP/JPY fell sharply to 150.33. For more on this week in the Pound, read the British Pound Outlook. 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 How I Use SortFix for Content Refinement Yohay Elam 13 years The British Pound is falling on all fronts. Mervyn King released two Pound-bearish statements that the sent Pound way down, despite better than expected inflation figures. For GBP/USD, 1.6660 is live and kicking after all. Note the sharp falls against currencies as well: EUR/GBP, GBP/CHF and GBP/JPY. Mervyn King went to the Treasury Committee in parliament today and released a two negative statements: Cutting rates on bank's reserves, in order to push more money into the economy. Reuters. Britain isn't getting out of the recession so fast, to say the least. NYTimes. The Pound began diving immediately. GBP/USD fell more… 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.