FXstreet.com (Barcelona) - Pound declined on Wednesday after its rally from Nov 3 low at 1.6260 failed to break 1.6800 level, and the Pound gave away about 250 pips to hit intra-week low at 1.6535, a tepid pickup seen in Asian session was capped at 1.6625, and the Pound has returned to levels right above 1.6550.

Initial support level at the moment, lies at 1.6535 (Nov 11 low), and below here, 1.6440 (Oct - Nov mid-range) and 1.6440 (Nov 4 low). Reistance levels are 1.6625 session high, and above here, 1.6730/45 (Jun 30/Sept 11 highs) and 1.6850 (Nov 9 high).

GBP/JPY declined on Wednesday from 151.20 high to 148.55, and its following recovery attempt has been capped at 149.45, sending the pair back down to 148.40/50, the floor of the last two weeks trading range. Support levels below 148.40 lie at 147.60/70 and 146.30. Resistance levels are 151.00/15 and 151.65.