FXstreet.com (Barcelona) - The Sterling continues under pressure against Dollar today's session, after trading sideways between 1.6300 and 1.6350 during the Asian and European session, last hour the GBP/USD has fallen around 60 pips to break 1.6300 support and post 1.6240 as fresh lowest level since July 14.
Currently the pair is trading around 1.6265/75, falling 0.30% so far today from opening price action. Next support could be 1.6210, June 16 and 23 low. After that, pair could fall toward 1.6000 level, July 8 and 9 lows.
According to the Swiss e Trade Strategy Team, the Pound is not likely to perform a sharp recovery, although it could test 1.6370: The pound continues to tend weakly against the dollar in the early European hours and is currently trading at 1.6305, right back on the old support lines again. We do not see much recovery potential in today's trading, although the market is already in oversold condition. A test on the upside of the 1.6370 mark seems likely, though.