FXstreet.com (Barcelona) - Pound's decline from Wednesday's high at 1.6465 has extended further on early European trade, and after a shy attempt of recovery halted at 1.6385, the Sterling has plunged all the way to 1.6250.
On a wider perspective, focus remains on the H&S pattern developing since early September, says Jamie Saettele, technical analyst at DailyFX: Focus remains on the larger head and shoulders pattern that has been unfolding since early June. The neckline held Monday and Cable has now rallied to trendline resistance. A larger bearish bias is valid against 1.6575 but confidence in a large downside move is low until a daily close below neckline support.
Support levels, below 1.6300 lie at 1.6235 and below here, 1.6190, and 1.6135 (Sept 21 low). On the upside, resistance levels lie at 1.6385 intra-day high, and above here, 1.6485 and 1.6535.