FXstreet.com (Barcelona) - Pound's decline from 1.67 40 high on Friday has extended on Monday's Early European session to 1.6550 low as, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Pound, failing to close the week above 1.6700, has introduced hesitation into markets.

For the current week, Elliott foresees the Pound moving below 1.6800 although a run to 1.7044 year high should not be discartded: Hovering at the top of the Ichimoku 'cloud' and slightly disappointing that Cable did not manage a weekly close above 1.6700. Expect for some hesitation today, and maybe for much of this week, below 1.6800, and eventually a rally through this year's high at 1.7044.

Resistance levels, according to Elliott, lie at 1.6685, 1.6745 and 1.6800. On the downside Elliot observes potential supports at 1.6573, 1.6500 and 1.6480.