FXstreet.com (Barcelona) - The Pound has opened the week on weak note, and decline from 1.6385 high on Friday has extended below 1.6200 on Monday's European session, as the pound hovers at levels right above 1.6190 support.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, support at 1.6190 is holdiong the Pound firm: The support confirmed on Friday at 1.6190 continues to hold firm and the resistance at 1.6380, tested twice Friday afternoon, continues to be a major resistance. Needless to say the trend continues to be down so a break of the 1.6190 support targets 1.6078 and 1.5947 thereafter. Expect more shorting at 1.6380 and 1.6435 should we reach there.