FXstreet.com (Barcelona) - The Pound has been appreciating for three days, after bouncing at 1.5770, four-months low, the Sterling has reached 1.6110 resistance area to cap at 1.6125 and drop to 1.6010 on the back of U.S. ADP and GDP data.
On the downside, support levels lie at 1.5940, and below here, 1.5880 and 1.5800 (Jun 8 low). Resistance levels lie at 1.6110 (End Aug/Start September lows) and then at 1.6200 and 1.6350.
On a longer perspective, the Pound remains bearish, and according to the Kshitij Consultancy Service Team, targeting levels at 1.5900-5850: The bearish view remains. However, we will still have to allow for a rise towards 1.62 (61.8% retracement of the fall from 1.6467 (23-Sep) to 1.5768 (28-Sep). A significant rise beyond 1.62 would cause us to review our stance. But till this holds, the bearish view remains. Hence Cable could be targeting 1.5900-5850 initially and 1.57 thereafter.