FXstreet.com (Barcelona) - Decline from 1.4295 high on Asian session has reached its lowest level at 1.4110 so far, and the Pound is attempting to post a recovery above 1.4160 (19 Mar low).

Successful move above here, next resistance levels could stand at 1.4230 (Mar 16 high) and 1.4260 (Mar 27 low); once above here, the Pound could walk the path towards intra-day high at 1.4295.

On the Downside, rejection from 1.4160 could set a test to 1.4085 (61.8% Fib retracement of the 11-24 Mar rise), and below here, 1.4040 (18 Mar high vol.).

According to the Swiss e Trade Strategy Team, the already oversold condition of the Pound suggests narrow mqargin for more downmove: Cable continued its downtrend in early European trading and is currently at 1.4160, in very oversold condition, and on longer-term support. We therefore don't see much downside risk in today's trading, rather a sideways market in development. Upmoves will find resistance at 1.4230.