FXstreet.com (Barcelona) - Pound's recovery attempt from 1.5945/50 support has not been strong enough to break above 1.6060/70 resistance area, and the pair has retreated, dipping to levels below 1.6060 at the time of writing.

At the moment, the sterling trades at 1.5990, approaching intra-day low at 1.5945/50, with next support levels at 1.5920/25 (Dec 22, 23 and 24 lows) and 1.5865 (Dec 29 low). On the upside, above 1.6000, next resistance levels lie at 1.6020 and then, the mentioned 1.6060/70 and 1.6100.

Consolidation below 1.6000 would put the Pound on its way to 1.5836, according to Mohammed Isah, technical analyst at FXTechstrategy: it now requires a decisive break and hold below its psycho level at 1.6000 to signal a recapture of the 1.5830 level, its Dec 30'09 low (though seen holding below the 1.6000 level as the time of this analysis).

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