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FXstreet.com (Barcelona) - Pound's recovery attempt seen earlier during European session has been capped at 1.6430 and the pair has given returned all the way to drop below intra-day low, trading around 1.6335 at the moment of writing.
Pound weakness keeps pushing the pair lower, according to Valeria Bednarik, collaborator at FXstreet.com, who advices to keep an eye at 1.6330: "Pound weakness keeps pushing the pair lower. With a pre interbank opening low at 1.6340 and a strong congestion zone around 1.6330, under this last pair should resume downtrend and reach the 1.6250 strong support area, also 20 SMA in the daily chart."
Support levels, at this moment, lie at 1.6350 (intra-day low), below here, 1.6245 (Oct 19 and 26 lows), and 1.6125 (Sept 30, Oct 8 high). On the upside, resistance levels are 1.6430/40 (intra-day high/Oct 27 high), and above here, 1.6475 intra-day high and 1.6550.
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