FXstreet.com (Barcelona) - The Pound is rallying at a strong pace at European session opening, and, soaring about 120 pips from levels right above 1.6600 to 1.6730 session high so far; 0.82% above its day opening price.

At the moment, the Pond trades at t 1.6735, approaching near-term resistance at 1.6745, according to Alex Rudolph, technical analyst at Commerzbank: Further near term consolidation looks likely, however rallies are likely to meet good near term resistance at 1.6745 and remain capped by the 1.6878 recent high.

Above 1.6745, next resistance levels lie at 1.6865 and 1.7000, says Rudolph, Support levels lie at 1.6543, 1.6478 and 1.6363.