FXstreet.com (Barcelona) - The Pound is drifting lower during European morning trade and, from 1.6565 high on Asian session, the Pound has lost about 100 pips during European trading hours, breaking below 1.6480 Asian session low to approach 1.6450 level.
In case of breaking below 1.6445/50 (Sept 7 high), next support levels could be at 1.6415 (Sept 3 & 4 high) and 1.6375 (Aug 28; Sept 1 high). On the upside, above 1.6480, resistance levels are 1.6515 and above here, 1.6585 (Sept 8 high), and 1.6620 (Aug 21 high).
Ian G Coleman, technical analyst at FXstreet.com adverts about beearish pressure on levels below 1.6500: We hit our target at 1.6562 yesterday and even pushed up to a perfect ABC correction at 1.6587. We are now testing the lower trend line support at 1.6500. A break here should take us down impulsively to 1.6420 (3) followed by a move down to the previous low at 1.6317 before the potential reversal.