FXstreet.com (Barcelona) - The Pound has soared after the release of U.S housing prices, and the pair broke above 1.6430 to hit an intra-day high at 1.6445 before easing to levels around 1.6425.
According to the Kshitij Consultancy Service Team, above 1.6430, the Pound could reach levels around 1.6700: A break of 1.6430 would increase chances of a rise towards 1.6700 over the next couple of days. We reiterate our morning view: It is likely to rise over the next few days on the back of trendline Support at 1.6324-10 on the daily chart.
On the downside, The Kshitij Consultancy Service Team points out to the 1.6324/10 resistance area: A break below this (1.6324/10) has strong Support at 1.6260 which should be bought for a rise towards 1.68 at least over the next few days. A break below the Support at 1.6260 could be very bearish aiming for 100-DMA which is currently at 1.5934.