Cable rallied to test resistance at 1.6660 but the failure of EUR/USD to hold above the 1.4600 level prompted dealers to trim longs. 1.6600 is solid support on dips intraday. Look for small stops to cluster below that level.
It is interesting that one of the more aggressive proponents of quantitative ease, the Bank of England, refrained from adding to its bond purchase plan today while one of the most reluctant central banks to employ the strategy, the Bank of Canada, threatened to use the strategy today to weaken its currency.
