Forex: GBP/USD hovering over 1.6100

FXstreet.com (Barcelona) - The sterling has returned to the vicinity of 1.6100 on Wednesday, after dipping to the proximities of 1.6080 as risk appetite has given way to the risk aversion.

The biggest event for GBP today, the Autumn Forecast Statement, was in line with expectations, emphasizing the point that the UK economy would extend its period of austerity another year, as Chancellor Osbourne has clinched to his fiscal consolidation plans. In addition the OBR (Office for Budget Responsibility) has lowered its growth forecast of the UK economy for 2012 to -0.1%, and +1.2% in 2013

The cross is now losing 0.04% at 1.6094 with the next resistance at 1.6131 (high Dec.4) followed by 1.6133 (high Nov.2) and then 1.6176 (high Nov.1).
On the downside, a dip below 1.6047 (MA55d) would expose 1.6039 (MA10d) and 1.5988 (low Nov.30).