FXstreet.com (Barcelona) - The Sterling's decline against Dollar has continued in the American session with the pair falling around 85 pips from 1-week highest level at 1.6415 to trade below 1.6350 level and test 1.6330 support. Currently pair is trading around 1.6330/40, 0.40% above today's opening price.
In case of further depreciation, the Pound might find support at 1.6330 (Aug 31 high) and below here, 1.6300 (Sept 2 high) and 1.6235 intra-day low.
Valeria Bednarik, FXstreet.com collaborator, comments: Following market sentiment, pair reached an intraday high of 1.6412, before reaching exhaustion conditions in the hourly chart. Now correcting to the downside, indicators suggest movement could extend to 1.6300 area, where 20 SMA still with a strong bullish slope should offer some support for the pair. If under that level, expect the downside movement to accelerate.
Bednarik shares us with her levels: Support levels: 1.6330 1.6300 1.6250. Resistance levels: 1.6375 1.6415 1.6460.