FXstreet.com (Barcelona) - The Sterling has lost about 200 pips today as the pair fell from opening prices right above 1.6500 to hit a one-month low at 1.6275. At the moment, the Pound attempts to bounce up, reaching levels right at 1.6300.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the Pound could bounce back to 1.6663: The daily stochastics are oversold and the RSI is sitting at 41 (above 40 is considered bullish) so expect some long interest at these levels with a 1.6663 target.

Initial resistance level lies at 1.6300/10 (Jul 22 low), and above here, 1.6340/45 (Jul 29 and 30 low) and 1.6390 (Aug 12 low). On the downside, below 16275 intra-day low, next support level lies at 1.6265 (Jul 17 low) and 1.6200.