The sterling spent all night losing ground slowly, after yesterday's large advances.. Not breaking the resistance at1.6117 is prompting the pair to try to break the support at 1.6 dollars per pound. If it breaks it, the next level will be1.5926. The sterling traders could form a good support around the fibo 50% (from 1.586 to 1.6115) and after consolidating it, could break 1.6117 dollars per pound.