FXstreet.com (Barcelona) - The Sterling's rebound at 1.6060 support, MA55 hourly chart, has gone further with the pair rising above 1.6150 level to reach fresh intra-day high at 1.6170. Currently the pair is trading around 1.6160/70, 0.25% above today's opening price action at 1.6112.
The Kshitij Consultancy Service Team affirms: Cable rose during the day and recorded a high of 1.6164. Further upside may again face Resistance near 1.6180. We intend to go Short near this level. As long as the Resistance at 1.62-1.63 is overhead, there are good chances of a fall towards the 55-week MA (1.5687) over the next couple of weeks. A strong rise past 1.63 would call for a review of the bearish view. Given this, we would want to sell rallies than buy dips.
Ian Coleman, day trader at Turtle Index, recommends to watch for a potential rising wedge breakout: We have a rising wedge formation on the 10 min chart. Although we could reach up to 1.6180 I would not expect a move above the previous high at 1.6164. Breaks to the downside can be aggressive.