FXstreet.com (Barcelona) - The Pound has rallied strongly during European trading session extending recovery from 1.6250 to 1.6540 high, to ease afterwards to levels around 1.6520.
The Pound's aggressive rally has brought the pair to overbought levels, and corrections could follow, according to the Swiss e Trade Strategy Team: The strong and quick upmove has brought the pound quickly into an overbought situation, which calls for corrections. Currently trading at 1.6540, we expect these corrections to find support around the 1.6500 mark, which could serve as a springboard to renewed upmoves, this time up to 1.6620.
Next resistance levels, at the moment, lie at 1.6550, and above here, 1.6570/80 (Oct 30 high) and 1.6600 (Oct 29 high). On the downside, the Pound might find support at 1.6480 (Nov 2 low), below here, 1.6400 session low and 1.6345/50.