FXstreet.com (Barcelona) - The Sterling's rebound at 1.5810 against Dollar has risen to trade above 1.5900, close to 1.5935. Currently the pair has gone slightly down to 1.5900. Actually, pair is trading 0.25% below today's opening price action at 1.5895/1.5905.
According to Valeria Bednarik, FXstreet.com collaborator, Pound is still weak: Despite signs of exhaustion to the downside in the hourly charts, upside movements should be consider corrective as long as under 1.5920 resistance zone. 20 SMA will likely act as dynamic resistance and keep the upside capped close to that level. Key point to the downside is the 1.5750/60 area, where pair has plenty of daily highs/lows. Clear break under that level should confirm falls in the days to come. Bigger time frames remain strongly bearish.
Bednarik provides us with her levels: Support levels: 1.5820 1.5760 1.5720 1.5680. Resistance levels: 1.5890 1.5920 1.5960 1.6000.