FXstreet.com (Barcelona) - The Pound found support at 1.6305 on its decline from intra-week high at 1.6415 and its attempt on the upside has been capped at 1.6365 during European session time to ease to levels around 1.6340 at the time of writing.

Initial support level could be around 1.6325/30, and below here, 1.6305/00 intra-day low and 1.6235 (Sept 3 low). On the upside intitial resistance lies at 1.6375/80 (Aug 28/Sept 1 high) and above here 1.6415 (Sept 3 high) and 1.6505.

On the daily chart, Ian Coleman, collaborator at FXstreet.com observes the pair forming a H/S pattern: Are we making a head and shoulders formation on the daily chart? Watch for the MACD trend line to hold to the upside. The 4 hr chart showed some divergence at the previous low (1.6114). 1HR, we have been in this strange channel since the 7th of August.