FXstreet.com (Barcelona) - The Pound has weakened during Asian session and from 1.6875 high on Monday and Tuesday, the Pound has reached levels below 1.6650 during early European session, and, according to Axel Rudolph, technical analyst at Commerzbank, it could dip to levels below 1.6600.
In case of consolidating below 1.6685/95 area, Rudolph sees next downside target at 1.6580: Further
down is the previous August-to-November resistance line, which, because of polarity, is now support. It comes in at 1.6580. This would be the next lower target. Below it floats last week's 1.6516 low.
On the upside Rudolph considers the possibility of breaking above 1.6879 as very unlikely: In case of an unlikely daily chart close above this week's 1.6879 high the 1.7000/44 area (psychological resistance and August peak) will be in focus but should cap.