FXstreet.com (Barcelona) - The Pound has gathered momentum on early European session to extend its rebound from 1.6345 session low to 1.6515, fresh 6-week high.

At the moment, the Pound trades right at 1.6500 resistance level, and, in case of confirming above here, next resistance levels would be at 1.6530 (61.8 Fib retracement of the Aug-Oct fall) and 1.6570 (Sept 17 high). On the downside, support levels lie at 1.6330/45 (Oct 20 low/intra-day low), and below here 1.6305 and 1.6280.

Sellers could appear around current levels, according to Carol Harmer, technical analyst at Charmer Charts.com: Here (1.6510/30) expect to see sellers appear...However buyers have got the upper hand at the moment, and if they can break through the defence of 1.6530 you are looking at this trading higher for 1.6565/85. Once more expect buyers to cover.