FXstreet.com (Barcelona) - The Pound has broken below Asian session trading range and on the European markets opening times, the Sterling breached intra-day low at 1.6525 to drop to 1.6505 low.
According to Rajoo C, technical analyst at Precise Trader, the cross remains sideways on horlly charts as 1.6450 support holds: The Hourly Oscillators are MIXED and the price is Above the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 16450 holds and Daily Trend is Sideways Up while 16145 holds, so expect the price to be Choppy until the breakout happens.
Initial support level, below 1.6520, lies at 1.6450 (Sept 7 high/ Sept 9 low) and below here, 1.6380 (End Aug/start Sept highs) and 1.6340. On the upside, resistance levels are 1.6590 (8 and 9 Sept highs), 1.6620 (Aug 21 high) and 1.6665 (Aug 13 spike high).