FXstreet.com (Barcelona) - Pound's rebound from intra-day low at 1.6550 has been capped at 1.6700 area, as the Pound has eased from 1.6695 high to 1.6650 right ahead of the U.S session opening.

On the downside, below 1.6645 (Dec 1 high) next support levels lie at 1.6600 and 1.6550 session low. On the upside initial resistance levels come at 1.6695 (intra-day high) ad above here, 1.6725 (Nov 26 high), and 1.6755 (Nov 19 high).

Despite the last two days rally, Mohammed Isah, technical analyst at FXTechstrategy would not consider downtrend negated while below 1.6744 at least: We would like to see a break and hold above the 1.6744 level, its Nov 25'09 high and the 1.6875 level, its Nov 16'0-09 high to convince us that its decline has ended bringing the next upside gains towards its YTD high at 1.7041.

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