FXstreet.com (Barcelona) - The Pound continues trending higer and, after having bounced at 1.6335 intra-day low during Asian session, the pair has rallied during the day to reach levels above Wednesday's high at 1.6465.
If the Pound consolidates above 1.6465, next resistance levels could be at 1.6485 (Oct 20 high/22 low) and 1.6610. On the downside, support levels lie at 1.6435 intra-day low, and then 1.6285 (Oct 27 and 28 low) and 1.6250 (Oct 26 low).
On a larger perspective, Karen Jones, technical analyst at Commerzbank sees the Pound on consolidation, with upside moves likely to cap at 1.6470/90: While this may prompt further near term consolidation, we look for gains to remain ideally capped by 1.6470/90 intraday. The market remains on the defensive following its recent large key day reversal ahead of 1.6745/65 last week.