FXstreet.com (Barcelona) - Pound's decline from Monday's high at 1.6240 has found support at 1.5945/50 area, and the pair is bouncing up at European session opening times, reaching levels above 1.6005 resistance and trading at session highs around 1.6025.

At the moment, the pair is struggling with minor resistance at 1.6020 area. Above here next resistance levels lie at 1.6070 and 1.6150 (Jan 5 high). On the downside, support levels lie at 1.5945/50 (Jan 5/6 low), and below here, 1.5920/25 (Dec 22, 23 and 24 lows) and 1.5865 (Dec 29 low).

On the upside, the pound could find significant resistance arat 1.6035/50 area, according to Ian Coleman, collaborator at FXstreet.com : The pair is now looking a bit exhausted and we may get a pullback higher from these levels. If we can break and hold under trend line support, currently at 1.5945, then I would look to target 1.5834 previous low. A pull back higher and 1.6037-50 area should hold significant resistance.

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