FXstreet.com (Barcelona) - The Cable has managed to run up straight well above 200 pips in the European session after having bounded up at 1.4072, despite rather disappointing UK housing data. Nevertheless Sterling has not been able to get through 1.44 and lost some of the ground to drop to levels around 1.4240 at 15.20 GMT.

In case the aforementioned level gives, the Pound could well drop to 1.4075, intra-day low, and below that, the path would be open to 1.40 29; Jan 21 high.

The risk-appetite rush overnight had provided the Euro Dollar with a rally about 120 pips to top at 1.3180 to drop back most of the ground gained on the day. The Euro is approaching intra-day low at 1.3027, and below that intra week low at 1.2860 and 1.2762 are the next support levels at hand.