FXstreet.com (Barcelona) - The Pound has been one of the biggest movers in a quiet pre-ADP European session, as the pair bounce from session high at 1.6550 ha extended past Tuesday's high at 1.6645 to reach a fresh intra-day high at 1.6680.

On the upside, next resistance levels lie at 1.6700, and above here, 1.6725 (Nov 26 high) and 1.6755 (Nov 19 high). On the downside, support levels lie at 1.6645 (Dec 1 high) and below here, 1.6600 and 1.6550 session low.

On a wider perspective, Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets warns aboutr the Pound forming a H&S pattern: Once again cable is forming a massive compounded head and shoulders with 1.6272 as a neckline and 1.6663 as the top of the second shoulder.

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