FXstreet.com(Barcelona) - The Pound has posted a 100 pip bounce from levels around 1.4650, reaching to levels right above yesterday's high at 1.4775 level.

Downtrend line from 1.5725 Dec 17 high seems to be working as strong support for the Pound after yesterday's rally, and the pound has launched an assault to 1.4775 high. In case of successful upside move, next resistance levels could be at 1.4915 (Feb 10 high) and 1.4985 (9 Feb high).

On the downside, 1.4670 and 1.4640 are the nearest support levels, and below here 1.4595/80 level (Mar 20 high), and then here 1.4520.

According to Stoyan Mihaylov, technical analyst at Deltastock.com, 4734 level could trigger further rally: Yesterday's uptrend peaked at 1.4778 resistance and currently the pair is in a corrective phase towards 1.4601 and 1.4518. A break above 1.4734 would jeopardize 1.4986.