FXstreet.com (Barcelona) - After a moderate setback to 1.6250 session low on early European session, the Pound has bounced up and broke back above 1.6300 to reach levelsd around 1.6370 at the moment of writing, approaching session high at 1.6400.

At the moment immediate resistance lies at 1.6400 seession high, and above here, 1.6425 and 1.6465. On the downside, support levels, below 1.6300, lie at 1.6250/60 (Intra-day low/Oct 16 low), and then 1.6210 and 1.6155.

On a longer perspective, Karen Jones, technical analyst at Commerzbank sees the Pound on a strong bullish tone on its way to 1.6465 and possibly higher: GBP/USD rally has been stronger than we would have liked and has eroded the neckline for the top pattern we were watching - this calls into question the top pattern and implies a deeper retracement to the 1.6465 resistance and possibly the 1.6745/65 will be seen.

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