FXstreet.com (Barcelona) - The pound has opened the week on an erratic pace and so far during the day the pair has dropped 0.85% hitting levels at 1.4650 on early European session.
From an intra-day high at 1.4815 shortly after Asian session opening, the Pound has broken below 1.4700 and at the moment is testing support at 1.4650. below here next support levels could lie at 1.4600 (Apr 13 low) and 1.4470 (Apr 2 high).
On the upside, in case of a reaction above 1.4685/1.4700, next resistance level could appear at 1.4750 (Apr 17 low) and, if the Pound reaches above here, intra-day high stands at 1.4815.
Nicole Elliot, senior technical analyst at Mizuho Corporate Bank affirms that the Pound should find support early this week to rise somewhat later: Retreating to retracement support as we still cannot manage a weekly close above 1.5000. Watch for signs of basing early this week for another attempt higher later this month.
For more information, read our latest forex news.