23rd December 2011
The GBP/USD pair continues to decline in trading this afternoon (December 23rd) and posted a 0.16 per cent loss to stand at 1.5653 as of 15:19 GMT.
FX Street reports that heading into the festive period, the currency pair looks to be heading towards lows seen earlier this week of 1.5648. However, this would expose the psychological level of 1.5600 and 1.5495, which could lead to further losses.
This downward trend follows the publication of weak UK economic data, with mixed results coming out of the US having little impact on this ongoing downturn for now.
Yesterday, early trading saw a 0.3 percent loss for the pair to 1.5672 after rising to a session high of 1.5684.
Money Control reported the downward spiral commenced despite renewed confidence among traders that efforts by the European Central Bank to introduce more liquidity into the eurozone will provide some respite for many economies.
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