(Vibiznews - FX) - Pound today (22:02, 09:19 GMT) weakened against U.S. Dollar about -29 pips or about - 0.18% at 1.5760. Market seems awkward in dealing with the Greece’s bail out, along with Bank of England officer statement who argued that the bail out is probably not enough to resolve the Europe’s debt crisis.

“There still remains a possibility that events could unfold in a disorderly and damaging fashion at some stage in the future,” deputy governor Charlie Bean said late yesterday. The euro crisis represents the biggest downside risk to the United Kingdom and disorderly outcome in the euro area would hit the U.K.’s export and financial links, reduce confidence and lead companies and consumers to postpone spending.

Vibiz Consulting Analyst said Sterling tend to move down following a weaken in the last two trading days. Normal trading range of GBP / USD today may shows 1.5748 level as a support and 1.5856 as a resistance level.

Deputy governor Charlie Bean also said that while growth should gradually strengthen, the continuing headwinds from the unwinding of excessive debt and the government’s continuing fiscal consolidation mean that the pace of recovery is likely to remain moderate by historical standards.

(Indra Yudistira/IYD/vbn)
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