FXstreet.com (Barcelona) - Pound's recovery from 1.5860 low on Wednesday, has extended at European session opening above 1.6020, and Sterling rally reaches right below 1.6050 (Oct 6 high).

In case of breaking above 1.6050, next resistance areas would be 1.6125 (Sept 30 high) and 1.6200. On the downside, support levels come at 1.5935, and below here, 1.5855 (Oct 7 low) and 1.5805 (Oct 2 low).

On a wider perspective, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank sees the Pound consolidating and likely to launch another downside probe: Consolidating nervously inside a tiny 'triangle'; another downside probe of medium term Fibonacci retracement support looks likely.