FXstreet.com (Barcelona) - The Pound has been hovering below 1.6550 resistance level ever since its decline to 1.6485 low on early U.S. session, weighed by EUR/GBP jump to its August high.
On a longer perspective, the Pound remains moving in range and according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, massive attention should be set in case of dropping to 1.6381: Rangebound behavior to continue for the pair between 1.6435 and 1.6663. Massive long attention expected should we make it down to 1.6381, confirmed a couple of days back with the queue jumping to 1.6391 in big size. A break there has 1.6272 as the final frontier before a swift 3 cent drop to 1.5947 but for now this trend remains up.
Resistance levels, according to Rosentreich, lie at 1.6663, 1.6720 and 1.6830. On the downside, support levels lie at 1.6435, 1.6390 and 1.6272.