FXstreet.com (Barcelona) - The Pound has lost more than 120 pips in a downside correction; after been rejected at 1.4980, the Pound has declined all the way to levels below 1.4850 at the time of writing.

According to the Swiss e Trade Strategy Team, the Pound could decline to 1.4780 before bulls come to rescue the pair: Cable interrupted its now six-day-old uptrend against the dollar in early European trading, correcting downwards to 1.4870 right now. We project further down movements to come in today's hours, to a support level of 1.4780 from where a bid tone can emerge again, but not above 1.4920.

Support levels lie at 1.4770 (Apre 24 high) and below there, 1.54700 (Apr 30 low) and 1.4600. On the upside, resistance levels lie at 1.4920, 1.4980 and above there, 1.5070 (Apr 19 high).

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