FXstreet.com (Barcelona) - After reaching yesterday's high at 1.4694, GBP/USD has lost around 70 pips to reach 1.4615 level. Currently the pair is trading around 1.4620/30.
According to the Kshitij Consultancy Service Team, the PoundÂ´s renewed strength could drive the pair to 1.4800: There might be a possible rush towards 1.48 over the next few sessions, but a break below 1.4500 is likely to take it further towards 1.4365 which is the 50% retracement of the rise from 1.3655 (11-Mar) to 1.5070 (16-Apr). Which way does it move is to be seen. It presently trades very near to middle of the expected upside and downside levels; besides the trend, too, is ranged. So the view is mixed.
On the upside, the Pound could find resistance around 1.4692 (Apr 28 high) and above here, 1.4715/20 and then 1.4770 (Apr 24 high) On the downside, support levels stand at 1.4575, and below here, 1.4515 (Apr 28 and 29 low) and 1.4440.
For more information, read our latest forex news.