FXstreet.com (Barcelona) - Sterling's retreat from 1.6550 Asian session high, has found support at 1.6450, and the Pound bounced up, approaching 1.6500 level at the time of writing.

On the longer term, Ian G Coleman, technical analyst at FXstreet.com affirms that the Pound stands at a junction; trending down from Aug 5 high, while showing an uptrend support line from Aug 17 low: We formed a doji on Friday. We did have large divergence off the high on the 5th of August. The MACD is just looking to break the line now to the downside. On the 4 hr we have trend line support at 1.6270 (previous low). 1hr, we never had a clear break of the downward trend line, now at 1.6523.

Coleman points out to the inner trend line for declines to levels around 1.6270: We are non-trending and in choppy waters. I am standing aside at the moment as we have lost all momentum and GBPUSD is at a junction. A clear break of the inner trend line (A) would send us to 1.6270. A break of 1.6250 would leave us open for 1.5980.

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