Forex: GBP/USD: Pound, strengthening, approaches 1.6000

Pound's decline from 1.6120 high on Oct 8 found support on Tuesday at 1.5705, 4-month low, and the Sterling has rallied at a firm pace during the last 24 hours to reach 1.5980 Asian session high, right below psychological 1.6000 level.

At the moment, the Pound trades right at 1.5995/1.6000 (Downtrend resistance line from Sept 11 high), in case of breaching above here, next resistance levels might be 1.6075 (Oct 9 high) and 1.6125/35 (Sept 21 low). On the downside, support levels lie at 1.5900 (session low) and below here, 1.5874 and 1.5776.

GBP/JPY rally from 141.1 low on Tuesday has been capped at 1.4320 resistance area and the Pound fell back to 141.75 during Asian session. On a wider perspective, the Pound has been trading in a range from 141.00 to 143.20 for the last 7 days approximately. Resistance levels lie at 143.25 and 143.95. On the downside, support levels are 142.45 and 141.85.