FXstreet.com (Barcelona) - The Pound has rallied today to levels around 1.9884, according to the ActionForex Technical Team: The fall from 2.0029 was admittedly deeper than we originally expected. Nevertheless, today's strong rebound revived our original scenario. That is, firstly, choppy fall from 2.0391 has completed as falling wedge at 1.9599. Secondly, fall from 2.0029 should be a correction to rise from 1.9599 only and should have completed with three waves down to 1.9676.

From now on, the ActiionForex Technical Team advances some further rally: Further upside is now in favor and break of 1.9997 and 2.0029 resistance zone will confirm this case. In other words, further rally to 2.0391 resistance and above should then be seen. However, below 1.9676 will dampen this view again and turn outlook mixed.