FXstreet.com (Barcelona) - The Pound is picking up strength on early European trading times and, after having bounced at 1.6445, the Pound is testing levels above 1.6430.
Above here, next resistance levels could be at 1.6450 and then 1.6500 intra-week high. On the downside, support levels remain at 1.6345 intra-day low, and below here, 1.6300 and then at the 1.6210/20 area.
On the longer trend, Ralph Shell, technical analyst at ForexRazor considers that the Pound is on the upside: "The longer trend remains firmly to the upside, but unless we soon print a new high, the chance of a sell off back under 1.5800 areincreasing. It may be best to back off today and see what happens in the next 24 hours."
Above here, next resistance levels could be at 1.6450 and then 1.6500 intra-week high. On the downside, support levels remain at 1.6345 intra-day low, and below here, 1.6300 and then at the 1.6210/20 area.
On the longer trend, Ralph Shell, technical analyst at ForexRazor considers that the Pound is on the upside: "The longer trend remains firmly to the upside, but unless we soon print a new high, the chance of a sell off back under 1.5800 areincreasing. It may be best to back off today and see what happens in the next 24 hours."
