FXstreet.com (Barcelona) - The Pound advances on strong pace on early European session and taking advantage from Dollar weakness, Sterling has extended recovery from 1.6130, to levels past 1.6300, reaching session high at 1.6325 so far, with next resistance level at 1.6345.
In case of further recovery, above 1.6345, next resistance levels lie at 1.6400 (Sept 15 low) and 1.6430, (Sept 16 low). On the downside, support levels lie at 1.6190, and below here, 1.6155 (trendline support off July lows) and 1.6130 (Sept 21 low).
According to Ian G Coleman, technical analyst at FXstreet.com, the Pound could reach 1.6352 area: We held our trend line as expected and have moved higher. We are holding the inner trend line here at 1.6281 but I expect a break higher to 1.6352, the 50% level of the last move down.