29 September 2009, 18:12  Pound declines

Pound's decline from 1.5955 Asian session high has found support at 1.5825, and the Sterling has bounced back reaching levels above 1.5900 to be capped at 1.5990. The Pound bearish prone to return to levelsd below 1.5900. Cable has risen sharply during the day. As mentioned earlier, if the current upside momentum continues, we might see a rise towards 1.61 or even 1.62 in the coming sessions/days. However, the overall picture continues remain bearish and we expect a pull back from 1.61-62 once again towards 1.5900-5850. Resistance levels lie at 1.6120-25, and above here, 1.6179 and 1.6270-80. On the downside, support levels are 1.5890, 1.5856 and 1.5800.

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