FXstret.com (Barcelona) - The Sterling is consolidating in a range from 1.6260 session low to 1.6335 on the upside, after its decline from 1.6420 Asian session high.
At the moment, the Pound trades at 1.6290, with next resistance level at 1.6325/30 (Nov 2 low) and above here, 1.6420 intra-day high and 1.6465/75 (Oct 28, Nov 2 high). On the downside initial support lies at 1.6245 (Oct 19 and 26 low) and below there, 1.6200 and 1.6125 (Sept 30/Oct 8 high).
The Pound is holding at the moment at the 55-DMA, and according to the Kshitij Consultancy Service Team, while that level holds, a bounce to 1.6500 should not be discarded: Cable has fallen and is taking Support near the 55-DMA. Till this Support region holds, expect it to rise towards 1.65 once again. Else, a fall towards 1.61 and 1.60 are on the cards. The range of 1.60-65 mentioned yesterday is what we look for over the next few days in Cable.