FXstreet.com (Barcelona) - Pound's decline from September 10 high at 1.6740 has found support, so far, at 1.6160 level, where the upward trending support line from Jul 8 low lies, and the pair bounced to levels right below 1.620 at the moment of writing.

According to the Swiss e Trade Strategy Team, the Pound could have bottomed and might pick up somewhat during next sessions: The pound in its down correction has lost considerably more than the euro this morning, trading now around 1.6165 against the dollar. We do not expect much more downside risk today and rather project recovery moves up to as much as the 1.6350 level, from where further setbacks can follow.

Resistance levels, at the moment, lie at 1.6200/20, and above here, 1.6260 (Session high) and 1.6295/00. On the downside, support levels lie at 1.6150/60 (trendline from Jul 8 low), lie at 1.6110 (Sept 1 & 2 low) and 1.6035 (Jul 12 low).

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