FXstreet.com (Barcelona) - The Pound has reversed from 1.6635 high and gave away more than 100 pips during European morning trade to reach levels right above 1.6500 at the moment of writing, after having hit a session low at 1.6485.

The Pound is on a corrective move, and according to Carol Harmer, technical analyst at Charmer Chats, te per could reach 1.6440/20 area: the short-term charts do have a double top on them and a corrective move lower may well be on the cards today. Your first retracement target of 1.6565 will be the key this morning. If this support breaks you are looking at the market coming lower for 1.6440/20 once more.

On the upside, Harmer points out to yesterday's high at 1.6640: if the top at 1.6640 breaks you are looking at this trading back to good resistance at 1.6740. This should not break easily. Sellers will be at these levels defending, and if it breaks 1.6780 they will abolish shorts and join buyers looking for 1.6830/35.