FXstreet.com (Barcelona) - The Pound has gathered strength on early European session and after several attempts, the pair has broken resistance level at 1.6530 to reach levels right above 1.6550, its highest level since Tuesday's decline, moments ahead of the release of UK retail sales data.

According to Liviu Flesar, technical analyst at InnerFX, the Pound lies now at a key level, and above 1.6550, Sterling could resume uptrend: Pound continues to consolidate into the 120 points range formed by a rising trend at 1.6545/50 which provides resistance and the 50% retracement of 1.6115-1.6740 at 1.6430. Intra-day sentiment is currently turning positive but a break above 1.6550 is needed to resume uptrend and confirm that the consolidation has come to an end.

Resistance levels, according to Flesar, lie at 1.6550, 1.6600 and 1.6700, resistance levels are 1.6550, 1.6600 and 1.6700.