The pound-dollar will test 1.96 in near term

The British pound fell below the level of 2.00 and even test the levels of 1.99 today after the solid decision by Bank of England to cut the interest rates with quarter percent this month. The traders speculate by the statement today that BoE is ready to cut the interest rates again in the beginning of 2008. The recovery of the dollar against the pound will continue, as the key supports are form at 1.9800 and the levels of 1.9550/1.9600. These both levels will be tested till the end of 2008. We at hold short positions in target of 1.19600 in near term.

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