FXstreet.com (Barcelona) -After a brief period of consolidation, the Pound has ticked lower, breaking below intra-day low at 1.6340 to test support level at 1.6310, which so far remains intact.

In case of breaking below 1.6310, next support levels remain at 1.6245 (Oct 19, 26 lows) and 1.6125 (Sept 30, Oct 8 highs). On the upside, resistance levels lie at 1.6400 intra-day high, which has been tested unsuccessfully twice, and above here, 1.6440 (Oct 27 high) and 1.6485/00 (Oct 20 high/ Oct 22 low).

The Pound remains biased to the downside, according to Stoyan Mihaylov, technical analyst at Deltastock.com, who sees the Pound breaking below 1.6300 on its way to 1.6130: We continue to expect a break below 1.63+, that will target directly 1.6130 major support, but from an intraday point of view the bias is neutral and there is still no clear downtrend on the chart.

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