FXstreet.com (Barcelona) - The Pound's recovery from 1.6185 support against the Greenback has continued during the American session with the pair breaking 1.6240 resistance and MA55 level at 1.6255 to jump close to 1.6300 level. Currently the pair is trading around 1.6275/85, posting 0.05% daily gains from opening price action.
According to the Kshitij Consultancy Service Team if the Pound gathers strength and remains above 1.6200, we could see 1.6330/50: Any strong upmove is not looking likely now. However a strong break above 1.6200 might see a rise towards 1.6330-50 in the US session. As mentioned earlier 1.6330-50 is the significant level to watch for on the upside.
On the downside, in case of returning to previous levels or below, 1.6150 is the levels to watch, says the Kshitij Consultancy Service Team: As mentioned earlier 1.6150 is the significant level to watch for on the downside, a break below which might see a dip towards 1.6000. If the pair continues to remain weak, we see more chances of a break below 1.6150 and we still remain cautious on the pair.