FXstreet.com (Barcelona) - The Sterling's decline against the Dollar from 1.6355 has finally found support at 1.6160 level, new 6-week low, and the pair has begun to risen to trade above 1.6200. Currently the pair is trading around 1.6210/20, 0.60% below today's opening price action.
Pound has attempted to recover against Dollar on the back of the better than expected US new home sales index and US market turn back on gains.
Valeria Bednarik, FXstreet.com provider, comments: As expected, once pair broke the 1.6275 previous week low, pair accelerate to the downside, reaching 1.6200/20 key support zone. Over sold in the hourly, no signs of upside corrections yet. Pair also break under a daily ascendant trend line coming from 1.5800 lows, and even completed a pullback without breaching higher. If 1.6200 gives up, expect further downside acceleration in the pair.
Bednarik provides us with her levels for today: Support levels: 1.6220 1.6160 1.6110. Resistance levels: 1.6260 1.6300 1.6350.