FXstreet.com (Barcelona) - The Pound has remained consolidating in a range from 1.5860 to 1.5940 during the day after it pulled back from 1.6050 high yesterday and , at the moment of writing the pair is intra-day low at 1.5860 which, so far, remains intact.

Below 1.5860, next support levels lie at 1.5800 (Jun low/Oct 2 low) and below there, 1.5770 (Sept 28 low). On the upside, resistance area lies at 1.5945/55 (session high/Oct 2 high), and above here, 1.6000 and 1.6050 (Oct 6 high).

On a wider perspective, the Kshitij Consultancy Service Team, sees the Pound giving signals ranged conolidation for the next sessions: The 55-MA on the 4H chart is showing signs of flattening which is a good indicator of a ranged consolidation over the next few sessions. The range could be between 1.5820-1.6040. If it continues to consolidate, we might have to stop looking towards 1.6150 any further and look to Short near 1.6040 itself.