FXstreet.com (Barcelona) - The Sterling has lost more than 160 pips during the Day so far, as decline from Friday's high at 1.6740 has extended curing Monday's Asian ans European sessions, to hit a day low at 1.6520.

On a wider perspective, according to Stoyan Mihaylov, technical analyst at Deltastock.com, the Pound has set a top at Friday's high, and the pair is heading down targeting 1.6430: Recent high at 1.6741 was confirmed to be the end of the rise from 1.6111, so currently a larger consolidation with a negative bias is underway, targeting 1.6430. Intraday resistance comes at 1.6602, followed by the crucial 1.6625.

Support level, according to Mihaylov, lie at 1.6515, 1.6430 and 1.6430. On the upside, resistance levels are 1.6603, 1.6860 and 1.7042.

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