FXstreet.com (Barcelona) - Pound decline continues through U.S session and the pair has reached session low at 1.6607, almost 250 pips below Wednesday's high at 1.6845, with hourly indicators pointing sharply down.
The Pound is trading on a bearish bias, and according to Valeria Bednarik, potential upside corrections will remain capped below 1.6670: Pound reached the 1.6610 area and started a short term recovery, still capped by current 1.6640/60 strong static resistance area. Far under 20 SMA in the hourly, that holds a strong bearish slope, corrective movements should remain capped under 1.6740, to keep bigger time frames bearish bias intact.
Support levels, according to Bednarik, lie at 1.661, 1.6580 and 1.6520. On the upside, resistance levels lie at 1.6660, 1.6710 and 1.6740.