FXstreet.com (Barcelona) - The Pound has continued appreciating during Wednesday's European session and boosted by better than expected employment figures, the Sterling has reached 1.6025 session high before pulling back to levels around 1.6970, at the time of writing.
The Pound continues trading below 1.5995/00 (Downtrend resistance off Sept 11 high), and beyond here, next resistance levels are 1.6075 (Oct 9 high) and 1.6125/35 (Sept 21 low). On the downside, support levels lie at 1.5900 (session low) and below here, 1.5874 and 1.5776.
On a wider perspective, Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, points out to 1.6125 level to attract sellers: Obvious resistance on the 4 hourly chart at 1.6127, should attract some sellers intraday but that will be the pair's 3rd visit to the level and the chances of breaking through increase on any visits thereafter. Should we break through there the pair would face congestion between 1.6272 and 1.6381 with long term GBP sellers likely to take advantage.