FXstreet.com (Barcelona) - The Pound has broken above intra-day high at 1.6480 and the pair has reached levels above 1.6500 to print a fresh intra-day high at 1.6529.
According to the Kshitij Consultancy Service Team, the Pound could reach as high as 1.6550/70: Cable has risen during the day breaking above the Resistance at the 55-DMA (1.6424) mentioned earlier. If the current upmove continues we might see a rise towards 1.6550-70 in the coming sessions.
On the downside, the Kshitij Consultancy Service Team observes 1.6400 level: On the downside a strong break below 1.6400 might pull it down towards 1.6300-6280. Any significant downmove is not looking likely now, as the pair is showing more strength on its upmove.