FXstreet.com (Barcelona) - The Pound has continued appreciating during the European trading session, and rally from 1.4515 low on Apr 28 has reached 1.4950 (Apr 17 high) so far, to drop afterwards to levels above 1.4850.

Next support level stands at 1.4850, in case of further decline, the Pound could find support at 1.4800 and 1,4745/35. On the upside, resistance levels stand at 1.4950 (April 17 high) and above there, 1.5020 and 1.5065 (Apr 16 high).

On a longer term, Stoyan Mihaylov, technical analyst at Deltastock affirms that the Pound is in a broad corrective phase: The pair is in a broad corrective phase, after bottoming at 1.3506. Trading is situated between the 50- and 200-day SMA, currently projected at 1.4422 and 1.5896.

For the next sessions, Mihailov reckons the Pound is trading upwards while above 1.4746: Our target at 1.4846 has been hit, but the overall bias is still positive and there are no signs of a reversal here, so only a break below 1.4746 would trigger a slide towards 1.4398. Meanwhile, targets are 1.4912 and 1.4976.

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