FXstreet.com (Barcelona) - The Pond as shrugged off weakness seen during Asian session and after bouncing at 1.6550, the pair has returned above 1.6600 at European session opening to reach intra-day high at 1.6640, right below Tuesday's high at 1.6645.
In case of breaking above 1.6645, next resistance level lies at 1.6700 and 1.6725 (Nov 26 high). On the downside, support levels le at 1.6550 session low, and below there, 1.6500, and 1.6460 (Nov 20 low).
The Pound however, remains in a neutral to bearish bias, according to Abhishek Goenka, technical analyst at India Forex Advisors, who expects sellers to show up at these levels: The Sterling (GBP) rose to the highs of 1.6647 yesterday in the US session and is currently facing the same resistance(61% Fibonacci and trendline resistance) near 1.6640 levels. Selling around these levels can be expected for the initial target of 1.6560 (cluster support) and then 1.6450(55 daily EMA).