FXstreet.com (Barcelona) -The Pound has dropped further away from yesterday's high at 1.4950 reaching levels almost 400 pips lower at 1.4580. At he moment of writing the Pound is setting an attempt to reach above 1.4640.
In case of successful move above the mentioned level, next resistance levels could come at 1.4680 and above here, 1.4745 intra-day high.
On the downside next support levels could come at 1.4565 (100-day moving average), and below there, 1.4460 (38.2% Fib retracement of Mar 11 to Apr 6 rally).
According to Mohammed Isah, technical analyst at FXTechstrategy, failure on taking 1.4981/86 level yesterday might have halted upside momentum: An attempt on the upside following the pair's strength activated at the 1.4110 level, its Mar 30'09 low failed Monday ahead of its key resistance zone seen at its Jan 16'09/Feb 09'09 highs at 1.4981/86.While this may have halted upside momentum temporarily, as long as the mentioned corrective decline is contained within its established ST rising channel, risk remains to the upside with a retarget of the 1.4981/86 zone expected.