FXstreet.com (Barcelona) - The Pound has been going through a sell off during European trading session, as the pair has reached levels right below 1.6515 support, November 12 lows, which is being tested at the moment, from session high at 1.6675.

The Pound lies right at the mentioned 1.6515 support level at the moment, and below here, next support levels lie at 1.6440 and 1.6400 (Nov 4 low). On the upside, resistance levels lie at 1.6570 (Nov 13 low), and above here, 1.6630 and 1.6675 intra-day high).

The pair is trading well into oversold levels and according to the Swiss e Trade Strategy Team, some consolidation could set in before bouncing up: We expect a consolidation to set in soon, and later in today`s market some strength again, testing eventually the 1.6630 resistance zone.