FXstreet.com (Barcelona) - The Pound is strengthening on early European session and after having remained consolidating between 1.5900 and 1.5950, the pair has broken higher to reach levels past 1.60, hitting session high at 1.6025 so far.
According to Ian G Coleman, a move above 1.6060 -upper trendline of current downward channel- would shift Pound 's bias to bullish: We are still in this large downward channel and the upper trend line stands at 1.5978. I would only turn truly bullish on this pair if we managed to break above 1.6060. A move below 1.5896 should signal a move down to 1.5833 and possibly 1.5785.
At the moment, the Pound trades at 1.6020, with next resistance levels at 1.6060/70 (Jan 6/7 high), and above here, 1.6100 and 1.6155 (Jan 5 high). On the downside, below 1.6060, support levels lie at 1.5955 intra-day support and 1.5895/00 (Jan 7 low).