FXstreet.com (Barcelona) - The Sterling continues trading higher, and the pair has recovered all the ground lost on Tuesdays sell off, reaching levels above 1.3875 week-high, to hit 1.4390 so far.

If the Pound confirms above 1.4375, next resistance area could be at 1.6400, and above here, 1.6445 (Aug 25 high). On the downside initial support could be at 1.6235, and below there, 1.6185 (Aug 31 low) and 1.6115 (Sept 1 and 2 low).

According to Stoyan Mihaylov, technical analyst at Deltastock.com, the Pound is on a bullish move,which, once above 1.6382, targets 1.6663: Current rebound above 1.6111 is impulsive in nature and we rather prefer the idea, that a significant bottom is already in place. Intraday bias is positive for 1.6382 major resistance with a risk limit below 1.6235. We expect a break above 1.6382 to target directly 1.6663.