FXstreet.com (Barcelona) - The Pound has lost in two days most of the ground gained in the previous seven day's rally. On February 9, GBPUSD reached the 1,4988 level, highs since January 12, to begin to fall. Today the Pound fell sharply following the release of the Quarterly Inflation Report touching the 1,4317, the lowest level since February 3th.

According to Mohammed Isah, technical analyst at FXTechstrategy, there is more room for decline: The pair's nearer term upside resumption stalled on Tuesday after it collapsed through the 1.4578 level, its Feb 04'09 high to close lower at 1.4557.It was seen weakening further in early trading today suggesting an attack on the 1.4352 level, its Dec 31'08 low could be seen with a loss of that level triggering additional losses towards its Jan'2002 low at 1.4045.A decisive break and hold below the latter will reverse the mentioned nearer term up move and open up downside risk towards the 1.3682 level, its Jun'2001 low.