FXstreet.com (Barcelona) - Pound reversal from mid November highs at 1.6090 found support at 1.5420 low on Friday, and the pair bounced up on Monday, amid higher appetite for risk, reaching 1.5600 high so far, and approaching near-term trendline support at 1.5605/10.

On the upside, above 1.5620 (trendline resistance from Nov 14 high), the pair might find resistance at 1.5690 (Nov 22 high) and 1.5800 (Nov 20 high). On the downside, support levels are 1.5460 (Nov 28 low), and below here, 1.5420 (Nov 25 low) and 1.5265 (Oct 6 low).

Above 1.5585 accelerated downtrend, the pair could extend gains to 1.6000 says Karen Jones, technical analyst at Commerzbank: "Initial resistance is offered by the 1.5585 accelerated downtrend ahead of the 3 month downtrend, at 1.6000 which is expected to cap."