FXstreet.com (Barcelona) - Pound's drop from 1.6740, bottomed at 1.6520 and the Pound has picked up to reach levels right above 1.6600 on early U.S. session, although the pair remains at 1.4590 at the time of writing.

According to Valeria Bednarik, collaborator at FXstreet.com, the Pound needs to break above 1.6620 to recover bullish bias: Under 20 SMA with a strong bearish slope, pair needs to regain the 1.6620 area to recover previous bullish bias. Bigger time frames also support the bottom in 1.6520 zone. Clear bleak under that level, could accelerate the fall in the pair, with next strong support at 1.6440 area.

Resistance levels, according to Bednarik, lie at 1.6590, 1.6620 and 1.6660. On the downside, support levels lie at 1.6520, 1.6480 and 1.6440.