FXstreet.com (Barcelona) - The Sterling has rallied from 1.5855 low on Wednesday to 1.6095 session low on Thursday, right ahead of the BoE's monetary policy decision, and the pair remains consolidating between the mentioned high and 1.6035 on the downside, ahead of Wall Street opening.
Resistance area at 1.6100 is a strong one, according to the Kshitij Consultancy Service Team: The Resistance at 1.6100 is an important Resistance going forward. This is the 100-MA Resistance on the 4H and also the Projected Max High for the day (...) We are betting on this Resistance at 1.6090-6105 to hold and in this anticipation are holding on to the Short entered at 1.6090.
On the upside, if 1.6100 gives way, the Kshitij Consultancy Service Team foresees a rise towards 1.6190-6200: If this Resistance at 1.6090-6105 were to break, look for a rise towards 1.6190-6200. This is the neckline of the S-H-S on the weekly. This Resistance is likely to hold in the medium term which should keep the S-H-S target of 1.54.