FXstreet.com (Barcelona) - Sterling's rebound at Monday's low 1.5770 has extended on Wednesday to levels above 1.6000, reaching an intra-week high at 1.6060 area; 0.55% above its day opening level.

Above here, the Pound could meet resistance at 1.6110 (End Aug/Start September lows) and then at 1.6200 and 1.6350. On the downside, initial support levels lie at 1.5940, and below here, 1.5880 and 1.5800 (Jun 8 low).

The ecPulse.com analysis team, observes the Pound inside overbought area, and warns about a likely downward correction on intra-day basis: The stochastic indicator has entered an overbought area, which makes us believe the pair is to decline on the intraday basis; targeting levels between 1.5910 and 1.5880, before attempting to pressure to the downside further to reach 1.5550. This decline remains as far as 1.6155 is intact.

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