FXstreet.com (Barcelona) - The Pound has declined sharply during the last two days dropping from 1.6725 to 1.6270, 3-week low and, according to Peter Rosentreich technical analyst at ACM - Advanced Currency Markets, breaking the upside bias from October low.

Bearish move below 1.5708 has put an end to Pound's upward trend from 1.5708, says Rosentreich: The bearish bias remains for GBPUSD as the break below the 100-day moving average at 1.6395 suggests that the uptrend from 1.5708 (Oct 13 low) to 1.6875 is now over.

or the next sessions, Rosentreich forecasts selling pressure targeting 1.6250 area: Expect fresh selling interest ahead of 1.6746 Wednesday highs, and look to 1.6250 downside target below which represents a major support for the pair. A break below 1.6250 would expose 1.6130 previous resistance-turned-support, and target 1.5700-50 area.

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