FXstreet.com (Barcelona) - The Pound returned to attack the roof of the current week´s trading channel at 1.6400 after post U.S. home-sales decline was held at 1.6355, although so far, the pair remains unable to break higher.
At the moment, the Pound trades at 1.6385, with immediate resistance at the mentioned 1.6400/10, above here, the Pound could find resistance at 1.6440 (Oct 27 high) and 1.6485/00 (Oct 20 high/ Oct 22 low). On the downside, support levels lie at 1.6310, and below here, 1.6245 (Oct 19, 26 lows) and 1.6125 (Sept 30, Oct 8 highs).
According to Valeria Bednarik, collaborator at FXstreet.com Pound rallies will be held below 1.6410/40: Hourly indicators are pointing to the upside, while 20 SMA remains flat above current prince. Bigger time frames however, show no bullish strength so expect the upside to remain limited by the 1.6410/40 resistance area.