FXstreet.com (Barcelona) - Pound's rejection from intra-day high at 1.6165 has extended below 1.6000 on early U.S. session, as the pair dropped from 1.6135 to re-test 1.6075 session low on Wall Street opening.

In case of breaking below 1.6075, next support levels lie at 1.6050 (Dec 18 low) and 1.5920. On the upside, initial resistance level lies at 1.6165 session high, and above here, 1.6185/95 and 1.6250 (Dec 18 high).

The pair is biased to the downside, although according to Valeria Bednarik, collaborator at FXstreet.com, 1.6070 could be the turning point for an upside correction: hourly indicators show downside had reached a bottom around 1.6070 area, and some upside correction could be expected if pair manages to break above 20 SMA in the hourly, around 1.6140, first resistance for next hours. The upside should remain capped under 1.6200 to keep current bearish perspective healthy.

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