FXstreet.com (Barcelona) - GBP/USD rally from 1.5805 low on Friday has capped at 1.6025 high on Monday, and the Pound has pulled down abruptly on European session opening to 1.5925 at the moment of writing.
On the downside, the Pound might find support at 1.5920 intra-day low, and below here, next resistance levels lie at 1.5880 and 1.5805 (Oct 2 low). Resistance levels remain at 1.6025 (intra-day high/Sept 30 high), and above here, next resistance levels lie at 1.6110 (End August/start September lows) and 1.6200.
On a longer point of view, Mohamed Isah, technical analyst at FXTechstrategy expects the Pound to pick ip during the week, targeting 1.6225 resistance area: A build up on that recovery is now expected the coming week with resistance standing at the 1.6225 level, its weekly 50 ema. Invalidating that level will open the door for more upside gains targeting the 1.6466 level, Sept 23'09 high and the back of its eroded MT trendline.