While the market tries to get its footing following the sharp sell-off in equities and risk on Friday, the Pound has been fairly resilient, managing to undo most of its losses from the previous session. After sliding from a high near 1.6665 down to 1.6475, a move of nearly 190 pips, it has now rebounded to 1.6575, slightly more than 50% retracement. The move picked up steam after a break of resistance at 1.6530, and in early NY trading managed to push above a short-term level at 1.6570. Now it looks to target 1.66, which was the support level that was cracked on Friday. Above that we have 1.6640 and the previous high. Since the GBP/USD is stronger, it has filtered down into other GBP crosses such as GBP/AUD and GBP/NZD.