FXstreet.com (Barcelona) - The Pound is on free fall, and it has lost around 1.60% so far during the day; from an opening level at 1.4785 high, the Pound has broken below last weeks low at 1.4600 reaching to levels at 1.4550.

On the downside, next support levels could stand at 1.4770 and below here 1.4370/80 level (Apr 1 high). In case of an upside reaction, the Pound should break 1.4600 first and above here, next resistance level could come at 1.4660/80 level (Apr 10 high).

The Pound has reached oversold territory on the hour and 3-hours chart, and, according to the Swiss e Trade Strategy Team, the Pair could open a consolidation period after today's correction: Cable rapidly lost further ground in this European morning, continuing its downward correction against the dollar. Currently trading at 1.4575, we expect a consolidation to set in, in a trading range between approximately 1.4500 and 1.4700.

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