FXstreet.com (Barcelona) - Pound's decline from 1.6625 high on August 21 has extended on Wednesday after better than expected Durable Goods orders figures, and the Pound has hit a fresh 6-week low at 1.6230.

On the downside, next support level for the Sterling could be at 1.6200, and below there, 1.6120 and 1.6030 (Jul 13 low). On the upside, initial resistance could be located at 1.6275 (Aug 17 low), and above here, 1.6325 and 1.6400.

According to the Kshitij Consultancy Service Team, once below 1.6270, the Pound could drop to 1.5950: Cable has strong medium term Support at 1.6260 and it has dipped during the day. This Support will have to be watched very closely. A significant break below this would make the pair bearish for 1.5950 over the next few days.

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