FXstreet.com (Barcelona) - The Pound has dropped to 1.6755 session low after failure to break above 1.6875, and the pair is trying to reach back above 16800 at the moment of writing, although, according to Axel Rudolph, technical analyst at Commerzbank, below 1.7000, the uptrend would be exposed.

Below 1.7000, support level at 1.6615 could be revisited, affirms Rudolph: While capped here (1.7000) the uptrend will remain exposed and the previous August-to-November resistance line, because of polarity, now support, should be revisited. It sits at 1.6613.

In case of a daily closer above 1.7000, Rudolph sees the pair likely to reach 1.7332: In case of a daily chart close above 1.70, however, not only will the 1.7044 August peak be exposed but also the 50% Fibonacci retracement of the 2007-2009 decline at 1.7332.