FXstreet.com (Barcelona) - The Pound has found support at 1.6390 2-week low on European session and the pair has picked up reaching 1.6460, although it remains capped below Asian session low at 1.6440.

Initial support level lies at 1.6390 (61.8 Fib Jul/Aug move) and 1.6340/35 (Jul 30 low), below here, next support comes at 1.6320. On the upside resistance levels lie at 1.6465 qned above there, 1.6500 and 1.6520.

According to the Swiss e Trade Strategy Team, we could expect consolidation around current levels: The pound is consolidating its lower levels against the dollar in early European trading and is right now priced at 1.6450. We do not expect much more downside risk in this market and are waiting for recovery moves towards the 1.6520 mark.