FXstreet.com (Barcelona) - The Pound advances on strong pace at early European trading hours and rebound from Wednesday's low at 1.5857, has extended above 1..6050 level to a fresh one week high at 1.6075.

Next resistance levels lie at 1.6125 (Sept 30 high) and above here, 1.6200 and 1.6390 (Sept 24 high). On the downside, support levels, below 1.6050, lie at 1.5935, and below here, 1.5855 (Oct 7 low) and 1.5805 (Oct 2 low).

On the upside, the ecPulse.com analysis team sees the Pound targeting 1.6200: The stochastic indicator has entered an overbought area, which may result in mixed trading around the latter yet we expect the pair to breach it at the end to incline on the intraday basis targeting 1.6200, as it represents a cluster resistance area that we must monitor since a breach will open the way on the short term to continue the incline as far as 1.5800 is intact.

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