FXstreet.com (Barcelona) - Sterling's reversal from 1.6120 high has ground support at 1.5935 low on Friday's Asian session, and the Pound is attempting to base on the mentioned level and return to higher levels.

At the moment, the Pound trades at 1.5985, and next resistance areas lie at 1.6065, and above here, 1.6125 (Sept 30 high) and 1.6200. On the downside, inital support comes at 1.5935 day low, and below here, 1.5855 (Oct 7 low) and 1.5805 (Oct 2 low).

Greg Holden, technical analyst at ForexYard, advances the possibility of a bullish correction: There is a fresh bullish cross forming on daily chart's MACD indicating a bullish correction might take place in the nearest future. The upward direction on the hourly chart's Momentum oscillator also supports this notion.

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