FXstreet.com (Barcelona) - The Sterling has bounced from 1.6185 support and, after having remained hovering below 1.6200 for most of the European session, the Pound has reached levels around 1.6230.
According to the Kshitij Consultancy Service Team if the Pound gathers strength and remains above 1.6200, we could see 1.6330/50: Any strong upmove is not looking likely now. However a strong break above 1.6200 might see a rise towards 1.6330-50 in the US session. As mentioned earlier 1.6330-50 is the significant level to watch for on the upside.
On the downside, in case of returning to previous levels or below, 1.6150 is the levels to watch, says the Kshitij Consultancy Service Team: As mentioned earlier 1.6150 is the significant level to watch for on the downside, a break below which might see a dip towards 1.6000. If the pair continues to remain weak, we see more chances of a break below 1.6150 and we still remain cautious on the pair.