FXstreet.com (Barcelona) - The Pound has found support at 1.6165 low on early European session, and the pair has bounced up to reach 1.6300 area which is being tested at the moment, after having reached session high at 1.6315.

In case of consolidation above 1.6300, next resistance levels lie at 1.6390 (Dec 1 low), and above here, 1.6450 and 1.6475 (Dec 8 high). On the downside, support levels lie at 1.6250/70 (OCt lows), and below here, 1.6165 session low and 1.6125 (Sept 30/Oct 8 highs).

On a wider perspective, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank observes thee recent week's downtrend as a corrective move, and advices fot signs of bottomming: The move is corrective so watch once again for signs of forming an interim base today and maybe through to year-end. Beware thin year-end markets.