Pound has been a moving strongly today, coming back to 1.6355 after hitting an intraday low of 1.6165. Still, upside movements could be consider corrective after last days´ fall. Recovery also has been stalled at the 61.8% retracement of last down leg in 4 hours charts. Back to the downside, pair is approaching to the 38.2% of the rally, around 1.6280. Candle opening under that zone and even further an acceleration trough 1.6250 support zone, also neck of daily H&S formations, should trigger further falls with 1.6200 and today’s low of 1.6160 as next supports to consider. Daily close under 1.6200 will signal pair is ready to resume downtrend. Only a recovery above 1.6370 could change the bias, with next resistance at 1.6420.
