FXstreet.com (C�rdoba) ? The Pound climbed to monthly highs during Wednesday?s Asian session against the Dollar above 1.6430 but it lost upside momentum and retreated sharply as the Dollar strengthened in the market. GBP/USD declined on European hours and extended the downside during the American hours, bottoming at 1.6310.

Cable erased yesterday?s gains and currently trades at 1.6320/30, at the same price level it had at the beginning of the week, after the recovery from the lows was capped by the 1.6340 zone.

According to Valeria Bednarik, Chief Analyst at FXstreet.com support levels lie at 1.6300 and below at 1.6270 while resistance at 1.6420, 1.6450 and 1.6490.