FXstreet.om (Barcelona) - Pound's retreat from 1.6120 high on Thursday has extended almost 22 pips lower on Friday's European session to test 1.5935 support at the moment of writing.

In case of further decline, below 1.5935, next support levels lie at 1.5855 (Oct 7 low) and 1.5805 (Oct 2 low). On the upside, resistance levels lie at 1.6000, and above there, 1.6065, and above here, 1.6125 (Sept 30 high).

Below 1.5970, Stoyan Mihaylov, technical analyst at Deltastock.com foresees the pair targeting 1.5855: Recent test of the 1.6130 resistance failed and the pair is in a minor downtrend for 1.5970. Break below that level will target 1.5855, which is the trigger point for a massive sell-off towards 1.5352. Nearest resistance comes at 1.6061.

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