FXstreet.com (Barcelona) - The Pound has been rejected at the 1.4950 level and the pair has given away about 150 pips dropping to 1.4800 support level, to attempt recovery and rise to test 1.4870 resistance level.

Sterling might find resistance at 1.4870 level, and above here at ptrevious day high at 1.4950 (April 17 high), if the Pound manages to break above tat level, will get on the path to 1.5020 and (Apr 16 high). Immediate support lies at 1.4800, and below here 1,4745/35and 1.4675.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, Sterling is being favoured by risk appetite: Risk sentiment continues to drive Sterling higher against the dollar. Next resistance at 1.4963 (6-April high), a strong push past this level would target 1.5071 via the psychological 1.5000. On the downside 1.4888 is initial resistance, while 1.4870 would mark a strong support for a return higher (50% retracement).

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