FXstreet.com (Barcelona) - Pound's recovery from Friday's low at 1.6420 has been short-lived as the pair resumed Friday's downtrend and retreated aggressively from 1.6515 high breaking below 1.6420 support level to reach a fresh one-week low at 1.6330.
On the downside, next resistance levels lie at 1.6270 (Nov 27 spike low), and below here, 1.6125 (Sept 30 high) and 1.6000. On the upside, initial resistance could be located at 1.6420 (Dec 4 low), and above here, 1.6515/20 (Dec 7 high/Dec 4 low) and 1.6560.
According to Carol Harmer, technical analyst at Charmer Charts, next support below 1.6350 might be 1.6295: As stated support is located at 1.6420. If lost further sellers will be evident with 1.6380 to 1.6350 the short term objective. Here sellers will once more take profits. If below 1.6350 look for 1.6295 to offer support.