FXstreet.com (Barcelona) - BoE's minutes have weighed on the Pound, which is going through a sharp decline as the pair has lost more than 200 pips on the day so far, dropping from levels right below 1.6600 Asian session high to 1.6375 intra-day low so far, giving away most of the ground gained during Monday and Tuesday.

At the moment, the Pound is testing support area at 1.6390 (Aug 12 low), and in case of further decline, next support lies at 1.6340 (Jul 30 and 31 low) and 1.6275 (Aug 17 low). On the upside, the Pound could find resistance at 1.6475, and above here, 1.6520 (Aug 11 high) and 1.6560 (Aug 12 high).

EUR/GBP has bounced at 0.8525, and the Euro has rallied during European trading hours reaching levels above 0.8600 getting back most of the ground lost on Tuesday. Resistance levels lie at 0.8630 and 0.8655. On the downside, support levels lie at 0.8580 and 0.8555.

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