FXstreet.com (Barcelona) - Pound's decline from 1.6420 high on Asian trade has found support during European morning at 1.6270, and the Pound has gathered momentum, returning above 1.6300 and reaching 1.6335 at the moment of writing.

On a longer term perspective, The Pound is showing a clear bearish bias after peaking at 1.6600 on Oct 29, and according to Stoyan Mihaylov, technical analyst at Deltastock.com, will remain weak while below 1.6400: the pair is gathering momentum and the bias is negative for 1.6250, en route to 1.6130. Intraday crucial level on the upside is 1.6402.

At the moment, Sterling has found resistance at 1.6325 area (Monday's low), and above here, next resistances coul be 1.6350 and 1.6400. On the downside, below intra-day low at 1.6270, next support levels lie at 1.6245 (Oct 19 and 26 low) and 1.6200.

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