FXstreet.com (Barcelona) - Pound's retreat from 1.6440 intra-day high has extended below 1.6350 on the back of weaker then expected U.S. consumer confidence index, and the Pound has reached 1.6310 support area.

The Sterling trades, at the moment at 1.6325, with next support level at 1.6310, and below here, 1.6285 session low, and 1.6240/50 (Oct 19/26 low). On the upside, resistance levels lie at 1.6395/00 (Oct 26 high), and above here, 1.6435/45 and 1.6490 (Oct 20 high/Oct 22 low).

Valeria Bednarik, collaborator at FXstreet.com, considers that the Pound trades right above a key levels for the bears: Bigger time frames show 20 SMA with a strong bearish slope acting as dynamic resistance level. Pair needs to break 1.6315 level to accelerate the fall, while strong recovery above today's high, will deny previous perspective.

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