FXstreet.com (Barcelona) - The Pound continues its hefty upward march, and has just broken resistance at 1.4640 (Mar 26 high), advancing towards the downward trendline off 1.5720 high on Dec 17, located around 1.4680.
If the Pound breaks above here, next resistance level could lie at 1.4725/35 (Mar 25 high), and once above there, 1.4780 Mar 24 high). On the downside potential support in case of a setback could be at 1.4585 and 1.4495, once broken that support, 1.4385, and below here, 1.4320.
The Pound has entered well into overbought territory, and a setback from current levels should be taken into account, according to the Swiss e Trade Strategy Team: Cable continued its uptrend in European morning trading, approaching the 1.4700 resistance level with current prices around 1.4620. We see that bid tone reversing today near that level, giving room for a more substantial downward correction as far as 1.4490.