FXstreet.com (Barcelona) - The Pound remains consolidating in a range around 1.5900 after having dipped to session low at 1.5860, with most Sterling crosses at oversold territory, which opens a door to an upward correction, according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets.
the Pound could perform a corrective move up to 1.6030/50, says Peter Rosentreich: USD sell-off leaves room for a correction back towards 1.6030-50. Assuming no shocks at tomorrow's MPC we'd look to re-short the pair around that level targeting 1.5800, but expect stops at 1.6080 on the upside.
At this point, support levels lie at 1.5860/80, and below there, 1.5800 (Jun low/Oct 2 low) and below there, 1.5770 (Sept 28 low). On the upside, resistance levels lie at 1.5945/55 (session high/Oct 2 high), and above here, 1.6000 and 1.6050 (Oct 6 high).