Asian markets have declined on Wednesday on investors' concern about a market bubble after two weeks of advance, one of the largest rallies since the

The Pound is weakening sharply ahead of the European session opening times as reversal from 1.6555 resistance area extends 200 pips below, as the Pound broke 1.6380 support area, hitting fresh intra-week low level at 1.6353.

In case of further decline, next support level could be located at 1.6350, and below there 1.6310 (Jul 21 low). On the upside, resistance levels lie at intra-day high 1.6465 and above there, 1.6555 (Jul 27 high) and 1.6585 (jul 23 high).

GBP/JPY re-tested resistance level at 155.55 on yesterday's earl European session, and failure to break above it triggered a reversal to levels right below 154.00. At the moment, the Pound trades around 154.00. Support levels lie at 153.80 and 152.30. Resistance levels are 155.65 and 156.25.