FXstreet.com (Barcelona) - The Pound remains weak after its recovery attempt was capped on early European session at 1.6570, and the pair has dipped at levels below 1.6500 ahead of the Wall Street opening.

According to the Kshitij Consultancy Service Team, the Pound is could decline to 1.6451: There's possibility of a bearish flag on the 8H chart which could bring it down once again towards the 55-DMA at 1.6451.

In case of breaking below 1.6451, where the 55-day MA lies, the Kshitij Consultancy Service Team, foresees confirmation of a H&S pattern:A break of 55-DMA which is vulnerable given that it is flattening, might present a strong case for the S-H-S confirmation on the weekly chart. The S-H-S might bring the pair down towards 1.62.