FXstreet.com (Barcelona) - Sellers seem to have flocked to the GBP/USD as the pair reached 1.4745 level, sending the pair below minor support 1.4675 towards 1.4635 intra-day low.

On the downside, in case downside reaction is strong enough to break below 1.4635 level, next support levels would come at 1.4580 (Apr 7 low) and 1.4560 (100 day moving average). On the upside, above 1.4745 intra-day high, next resistance level lies now at 1.4776 (Apr 7 high) and, above here, 1.4875.

According to Valeria Bednarik, collaborator at FXstreet.com, traders are squaring positions ahead of Easter holidays: Gbp remains also slightly bullish, but contained in a tight range around the 1.4700 zone, as traders square positions ahead of the Easter Holiday. Indicators are mostly flat in the hourly chart, not giving clear signs of further bias, while bigger time frames suggest some upside pressure, limited by the 1.4780 zone.