FXstreet.com (Barcelona) - The Pound has turned down from session high at 1.5955 and dropped about 100 pips on early European session to hit day lows at 1.5845, targeting levels around 1.5690/10, according to Karen Jones, technical analyst at Commerzbank.

Pound's rebounds will, most likely be corrective and capped by 1.6110/50, says Jones: Yesterdays rebound filled the weekend gap (to 1.5920) and we look for near term corrective rebounds to main capped by 1.6110/50 (break down point for the top pattern) and we continue to target initially 1.5690/10 (Fibonacci retracement and the 55 week ma) and then 1.5270.

Support levels, according to Jones lie at 1.5800/0, and below there, 1.5770 and 1.5690. On the upside, resistance levels are 1.6000, 1.6045 and 1.6110/48.