FXstreet.com (Barcelona) - The Pound has given away during the European trading session all the ground taken during Asian trade, as the pair's rejection from 1.6595 extended below 1.6470 session low to a fresh low at 1.6455 so far.

If the Pound confirms below 1.6470, next support levels lie at 1.6400 (Nov 4 low) and 1.6360. On the upside, resistance levels lie at 1.6600, and above here 1.6650 (Nov 23 high) and 1.6700.

Pound's rebound from 1.6270 low on Friday was corrective in nature, according to Stoyan Mihaylov, technical analyst at Deltastock.com, and the Pound might slide to 1.6130 area: Although the pair broke through 1.6460 resistance, peaking at 1.6596, we still think, that current rebound is corrective in nature and precedes next slide to 1.6130 area. Intraday bias is slightly negative, but a clear break below 1.6450 is needed to confirm.