FXstreet.com (Barcelona) - The Pound has appreciated further and rally from 1.6420 low has extended to levels above 1.6580 to hit a fresh day high at 1.6595 right ahead of Wall Street opening.
Immediate resistance lies at 1.6600/10 area (Aug 20/ Intra-week high) and above here, 1.6665 (August 13 high), and 1.6720 (Aug 10 high). On the downside, initial support lies at 1.6540, and below here, 1.6500, and 1.6420 intra-day low.
According to the Kshitij Consultancy Service Team, the pound lies at a key resistance area at 1.6586: As mentioned earlier this 21-DMA (1.6586) is a significant Resistance to watch for which is holding the pair below 1.6600 throughout this week. If the current upside momentum continues a break above the 21-DMA Resistance and a further strong move above 1.6620 might take it up towards 1.6680-6700.