FXstreet.com (Barcelona) - Pound extended Friday's decline from 1.6675 on early European trade, breaking below Friday's low at 1.6420, to reach a new low at 1.6330 and the pair remains trading right above day low as recovery attempts have remained caped below 1.6400.

At this point, the Pound is trading at overbought levels and according to Ian Coleman, technical analyst at Turtle Index, it might go trough an upward correction, targeting 1.6513 area: Although we have no signals to buy yet I would expect a move higher from here back up towards 16513 and maybe beyond.

Support levels lie at 1.6330 session low, and below here, 1.6270 (Nov 27 spike low), and , 1.6125 (Sept 30 high). On the upside, the resistance levels could be located at 1.6420 (Dec 4 low), and above here, 1.6515/20 (Dec 7 high/Dec 4 low) and 1.6560.