FXstreet.com (Barcelona) - The Pound's upside strength remains intact after a rally of above 250 pips, and the Pound has broken above 1.6600 reaching 1.6630, the highest level since Sept 15.
According to Mohammed Isah, technical analyst at FXTechstrategy, the Pound could reach levels above 1.6700: While holding on to those gains, GBP has potential to target further higher prices towards the 1.6740 level, its Sept 11'09 high where a break will set the stage for a run at the its YTD high at 1.7041.
On the downside, Isah points out to 1.6466 and 1.6412: The immediate support now lies at the 1.6466 level followed by the 1.6412 level. These key areas are expected to reverse roles and provide support there pushing the pair higher again. However, a loss of there will invalidate its breakout and create scope for further weakness towards the 1.6124level.