FXstereet.com (Barcelona) - After several unsuccessful attempts,the Pound has stretched above 1.6025 resistance area on early European session, reaching its highest level in four day's at 1.6045 so far.
If the pair consolidates at current levels, above 1.6025, next resistance area comes at 1.6125 (Sept 30 high), and above here, 1.6200 and 1.6350. On the downside, support levels remain at 1.5925 session low and below here, 1.5880 and 1.5770 (Sept 28 low).
On a wider perspective, however, The Pound remains pointing downwards and according to Karen Jones, technical analyst at Commerzbank, near-terms rebounds are just corrective: Near term corrective rebounds have remain capped by key nearby resistance at 1.6110/70 (break down point for the top pattern) - this represents a return to point of break down and while capped here, the market is viewed in a negative light. We look for failure and continue to target initially 1.5690/1.5571.