FXstreet.com (Barcelona) - The Pound rose on Monday to 3-months high at 1.6845 but it has pulled down during Asian session to 1.6600 low and, at the moment of writing, trades right around 1.6623 which according to Axel Rudolph, technical analyst at Commerzbank is a key support level.

Below 1.6623, Rudolph observes the possibility of further depreciation, to 1.6500 area: GBP/USD briefly shot up to 1.6845 before sliding back to below the 78.6% Fibonacci retracement of the August-to-October at

1.6758 and dropping to the resistance line, now support, at 1.6623. A fall through it would open the way up for a decline towards the 1.65 region.

Support levels, according to Rudolph, lie at 1.6623, 1.6555 and 1.6465/50. Resistance levels are 1.6745/65, 1.6845 and 1.6890/00.

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