Pound decline from 1.6070 high on Wednesday has extended more than 400 pips lower as the Pound broke below Oct 13 low at 1.5705 to hit a fresh 8-month low at 1.5650. At the moment, the Pound attempts to pick up, reaching levels right above 1.5700.
On the downside, initial support area remains at 1.5650 session low, and below here, 1.5600 and 1.5350 (May 12 high). On the upside, resistance levels lie at 1.5800 (intra-day support on Thursday) and 1.5850 (Feb 1 low).
According to the ecPulse.com analysis team, below 15700, the pair could accelerate downtrend: "the expected direction for today is bearish that might build a base on minor support 1.5795 and head towards 1.5600 – 1.5585. Keep in mind the importance of trading remaining below 1.5850 to insure achieving the expected intraday descend. Signs are showing strong support at 1.5700; where breaching it will speed up the expected descend for the pair."
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