Tuesday in early European trading the UK sterling declined from its previous session's highs against the currencies of US, Japan and Switzerland. The pound is now trading at a 1-week low of 0.8735 against the euro with 0.875 seen as the next downside target level. At yesterday's close, the euro-pound pair was quoted at 0.8671. The pound is currently worth 1.6500 against the dollar, down from an early Asian session's 4-week high of 1.6549. If the pound slides further, 1.646 is seen as the next target level for the UK currency. The pound-dollar pair closed yesterday's trading at 1.6477. After hitting a 4-day high of 1.4123 against the franc at 2:55 am ET, the pound eased. The pound-franc pair is presently trading near yesterday's close of 1.4046. The near term support level for the pound is seen at 1.400. The pound that rose to a 4-week high of 135.15 against the yen at 3:35 am ET fell thereafter. At present, the pound-yen pair is worth 134.57 with 134.2 seen as the near term target level. The pair was worth 133.38 at yesterday's close.

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