FXstreet.com (Barcelona) - The Pound has remained moving between 1.6300 and 1.6350 during the whole day, after its decline from Friday's high at 1.6625, in a thin volume session.

According to the Swiss e Trade Strategy Team, the Pound is not likely to perform a sharp recovery, although it could test 1.6370: The pound continues to tend weakly against the dollar in the early European hours and is currently trading at 1.6305, right back on the old support lines again. We do not see much recovery potential in today's trading, although the market is already in oversold condition. A test on the upside of the 1.6370 mark seems likely, though.

Initial support for the Pound lies at 1.6295 intra-day low, and below there, 1.6275 (Aug 17 low) and 1.6200. On the upside, resistance levels lie at 1.6350, and above here, 1.6400, and 1.6445 (Aug 25 high).