FXstreet.com (Barcelona) - The Pound attempted recovery from 1.6420 low on Friday, and has reached Asian session high at 1.6515 before retreating lower dipping to levels below 1.6420 and testing 1.6420/6373 key support area, according to Alex Rudolph, technical analyst at Commerzbank.
The Pound will likely found support at 1.6429/6373 area, says Rudolph, probably leading to some short-term recovery: Now tests support at 1.6425/.6373 (the 100 and 55 day moving averages, support line and 50% Fibonacci retracement). This is important support and will probably lead to a short term recovery Monday morning before giving way some time this week.
In case of breaking below here, next support level lies at 1.6271/12, according to Rudolph: The next lower 1.6271/12 zone (the late/early November and late October lows) will then be in sight. Failure here will target 1.6134/13 en
route to the 1.60 region.