FXstreet.com (Barcelona) - Pound's reversal from Asian session high at 1.6625 has reached levels below 1.6535 low on Wednesday which is being tested after having hit a fresh week low at 1.6515.

At the moment, the Pound trades at 1.6530; 0.25% below the day opening price, with next support levels at 16500 area, and below here, 1.6440 (Oct - Nov mid-range) and 1.6400 (Nov 4 low). On the upside, resistance levels remain at 1.6625 session high, and above here, 1.6730/45 (Jun 30/Sept 11 highs) and 1.6850 (Nov 9 high).

On a wider perspective, the Pound is turning bearish after having capped at 3-month high 1.6845, and according to Greg Holden, technical analyst at ForexYard, we could see further decline today: The pair is currently sinking lower down the weekly chart's Bollinger Bands, signaling that further bearishness for the pair is expected today. Similar behavior is occurring on the Bollinger Bands of the 4-hour chart. Going short on the pair seems to be the popular choice for today.