FXstreet.com (Barcelona) - Pound's decline from 1.6425 on early European session has found support at 1.6340, and the pair has bounced up to reach levels above 1.6400.

The Pound approaches resistance area around 1.6440/50, and, in case of further recovery, next resistance levels could be located at 1.6525 and 1.6570.

According to Anna Couling, technical analyst at master the markets, 1.6400 is a key level to determine Pound's direction: Yesterday's candle ended the trading session as a down bar closing just below all three moving averages, stopping at the 1.64 support region. Whether prices can hold at this point and perhaps crawl higher will depend, in part, on whether Sterling has finally shaken off last week's turbulence following the release of the MPC minutes.