Pound reversal from 1.6000 high on Monday was limited at 1.5900, where the pair found support to bounce up, regaining lost ground to reach fresh multi-week highs at 1.6020 on Tuesday, while downside moves remain capped above 1.5965.
Immediate resistance level lies at 1.6020 (session high), and above here, 1.6115 (Aug 10 high) and 1.6200 (Sept 6 high). On the downside, support levels lie at 1.5965/75 (session lows), and below here, 1.5900 (Ovt 24 low) and 1.5845/50 (Oct 14/17/19 highs).
The overall bias remains positive, according to Stoyan Mihaylov, analyst at Deltastock who warns about a decline to 1.5650: "A new local high has been reached at 1.6021 and the overall bias remains positive while trading takes place above 1.5853 major support. I continue to favor a reversal for a slide through 1.5963 and 1.5853, towards 1.5650."
Courtesy- www.fxstreet.com
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