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FXstreet.com (Barcelona) - The Sterling failed, once again, to extend its recovery through the broken trendline support, turned resistance at 1.5485, a negative sign for the cable that, according to Carol Harmer, technical analyst at CharmerCharts, leaves 1.5350/25 support targeted.

Below 1.5325, the pair could extend losses towards 1.5180, says Harmer: "If we cannot hold above 1.5325 we are going to see sellers back in the market and they will be looking to drive us lower for 1.5180 where we may well hold the first attempt."

On the upside, the pair should break through 1.5540 to ease downside pressure, says Harmer, aiming to 1.5585/95 and 1.5630: "We again practice the procedure of selling into strength on a bounce and we will hold shorts unless we break 1.5540. Only the will the market shrug off the selling pressure, and we could go back to 1.5585/95 to 1.5630 before sellers resume their assault."

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