FXstreet.com (Barcelona) - The Sterling has rallied against the Dollar, reaching 1,9800, and according to the ActionForex.com Technical Team, there is room for more climbing: Cable's rise from 1.9461 continues today and reaches as high as 1.9800 before retreating mildly. Break of 1.9741 resistance reaffirms the case that whole rally from 1.9363 is still in progress.
From this point, the ActionForex technical team observes the following scenarios: At this point, intraday bias remains on the upside as long as 1.9670 minor support holds. Retest of 1.9852 resistance should be seen first and then 100% projection of 1.9363 to 1.9852 from 1.9461 at 1.9950. On the downside, below 1.9670 will turn intraday outlook neutral first and bring consolidation.