FXstreet.com (Barcelona) - Pound's recovery fro, 1.6185 low on Monday reached 1.6375 high on Tuesday's European session and the pound turned around to decline sharply, reaching below 1.6200 at the time of writing, erasing gains from Monday and early Tuesday.
Now next support level comes at 1.6180 (Aug 31 low) and below here, 1.6150 (Aug 27 low) and 1.6120. On the upside, resistance levels remain at 1.6250, and above here, 1.6330(Aug 31 high) and 1.6380 (Aug 28 high).
According to the Kshitij Consultancy Service Team, there is still room for further decline: Cable has fallen during the day and is likely to fall further towards 1.6160. There should be buyers awaiting such a dip. Till the Support near 1.6160-30, we could expect it to be ranged between 1.6150-1.6450 till the range holds. However a break below, which is not anticipated could take the pair down to 1.60.