FXstreet.com (Barcelona) - The Sterling is rallying strongly in the first hour of the European trading session, GBP/USD has broken posted a 100 pips rally breaking through previous intra day high at 1.3985 and testing 1.4040 (Mar 6 low).

Up from 1.4040, next resistance level comes at 1.4100 and above there, intra-week high at 1.4125, then 1.4235 and a seemingly strong resistance level at 1.4300 (Mar 6 high).

On the downside, support levels come at 1.3980, and below there 1.3920 if the pair falls below here, 1.3860 and 1.3800.