FXstreet.com (Barcelona) - Pound's bounce on 0.6375 and its subsequent recovery have been short lived, as the pair has shifted direction at 1.6435 to return to levels below 1.6400.

Initial support level lies at 1.6375 intra-day 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, above 1.6400, next resistance levels are 1.6435, and above here, 1.6475, and 1.6520 (Aug 11 high).

On a longer-term perspective, the Kshitij Consultancy Service Team affirms that the Pound remains bullish aiming to 1.6700: Though Cable has fallen we still remain bullish and are looking for a rise towards 1.6700 over the next few days. However we would wait and watch for today's close which might play a significant role in the further direction of move for the rest of the week.

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