FXstreet.com (Barcelona) - Pound's sharp and sudden decline seen on early European session has found support at 1.6350, and supported by a larger than expected growth on manufacturing activity, the Pound has returned to levels above 1.6400.

UK PMI has risen to 53.7 in October from 49.9 in September in a scale showing growth of the sector's activity at levels abiove 50.0 and contraction otherwise. October's reading has beaten widely market expectations of an increase to 50.2.l

At the moment, the Pound remains trading around 1.6400 level, with next resistance at 1.6425/40, and above here, 1.6475 intra-day high and 1.6550. On the downside, support levels lie at 1.6350 (intra-day low), below here, 1.6245 (Oct 19 and 26 lows), and 1.6125 (Sept 30, Oct 8 high).