FXstreet.com (Barcelona) - Pound's rally from 1.6390 low yesterday extended to a session high at 1.6600 although the pair was rejected and returned below 1.6555 level at European session opening times.

Tha Poind trades now right below 1.6555 previous intra-day high and next support levels lie at 1.6480 (intra-day low) , and 1.6430 (Aug 10 and 11 low). On the upside, resistance levels are 1.6555 and above here 1.6600 and 1.66620 ( uptrend line from March low).

According to ecPulse.com analysis team, 1.6555 resistance level is a tough one, and the Pair could turn down below 1.6400: We wait for bearish signals from momentum indicators to support the strength of the resistance at 1.6555, where we believe the pair is to decline on the intraday basis targeting 1.6335 as an initial target. The decline remains valid as far as 1.6555 is intact.