FXstreet.com (Barcelona) - Sterling's rally from 1.5855 low on Friday has extended above 1.6075 to hit a fresh session high at 1.6083 moments ahead of the BoE's Monetary Policy Decision.
In case of consolidating at current levels, next resistance area lies at 1.6125 (Sept 30 high) and above here, 1.6200 and 1.6390 (Sept 24 high). On the downside, initial support level could be 1.5935, and below here, 1.5855 (Oct 7 low) and 1.5805 (Oct 2 low).
The BoE is not expecting to deliver any changes in monetary policy and, according to the Swiss e Trade Strategy Team, the Pound will remain on the upside heading to 1.6100: No change is expected at the BOE's interest rate meeting today at 13:00 CET. We expect prices to hold above the important 1.6000 level today and may test 1.6100 today or tomorrow.