FXstreet.com (Barcelona) - The pound has remained trading in a range within a 1.4255 support level and 1.4345 resistance during the whole European session, after having rallied from 1.4110 low hit yesterday.

Despite several attempts to break through 1.4345, the pound has not be able to rise past it and, according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets adverts about a head and shoulders formation suggesting weakness for the Pound: Head and shoulder formation confirms and signals a change in immediate trend, regaining the broader scheme of things which points to sterling weakness. Initial support stands at 1.4163, with sights on resistance at 1.4361, then 1.4495.