FXstreet.con (Barcelona) - Pound's retreat from 1.6875 week high has extended on early European session to 1.6642 low before bouncing up, supported by positive retail sales data, although, capped at 1.6690/00 previous support level the pair has dropped to a fresh day low at 1.6625

The Swiss e Trade Strategy Team expects the pair to pick up to test 1.6750 area: The downmove which began in late Asian trading continues for now in early European market hours. We expect it to lose momentum soon, giving room to reverse and test the 1.6750 resistance level.

At the moment, the pair lies right above 1.6625 (session low/Nov 12 high) and below here, next support levels could be located at 1.6570/80 and 1.6515 (Nov 12 low). On the upside, initial resistance lies at 1.6700 previous support and above here, 1.6755 and 1.6800.

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