FXstreet.com (Barcelona) - The Pound has suffered a sharp reversal from 1.6875 resistance level, and the pair has plunged 100 pips lower, to hit a fresh session low at 1.6770, with next support level at 1.6750 on sight.
According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, the Pound should hold above 1.6750 to maintain its bullish momentum: It has since regained that territory after the CPI figures, but stalled at 1.6873 just ahead of 1.6900 resistance. Tomorrow's BoE meeting will be the key event to watch for a catalyst to take GBPUSD to test 1.7014 key resistance levels, but for now, good support should keep it elevated above 1.6750.
Resistance levels, according to Rosentreich, lie at 1.6900, 1.7041 and 1.7400. On the downside, support levels lie at 1.6740, 1.6515 and 1.6460.