FXstreet.com (Barcelona) - Rejection from 1.4950 level on early European session has driven the Pound below 1.4840 Apr 3 low to levels around 1.4800 on early U.S. session, heading towards 1.4770 support level.

Support levels for the Pound could lie at the mentioned 14770, below here 1.4750 and then1.4722, and 1.4685. On the upside, above 1.4840, and 1.4880 would open the doors for intra-day high at 1.4950.

According to Valeria Bednarik, collaborator at FXstreetcom, the main trend, however, remains on the upside: After reaching 1.4957, the pair has started a downside correction, as bigger time frames shown an important over bought state. Actual candle opened under the 20 SMA and momentum cut 100 medium line, suggesting more bearish pressure in the pair for the next hours, despite mayor trend remains bullish. Volume is low.