FXstreet.com (Barcelona) - The Pound has remained moving sideways during European session, moving in a range from 1.6110 to 1.6165 resistance level, which has rejected the Euro twice, and trading, at the moment of writing at levels around 1.6125 after a spike down to 1.6090.

The Pound remains biased to the downside, according to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets: The USD rally today has ensured that 1.6165 has capped any rallies, and we retain the bearish bias awaiting a daily close below 1.6150 for now.

On the upside, Rosenstreich points out to 1.6250 revel to put the Pound back into the uptrend channel: With the thin liquidity surrounding holiday season, we do however remain cautious that a break above 1.6250 would send us firmly back into the channel and next resistance would not come in until 1.6400.