FXstreet.com (Barcelona) - The Pound is dropping heavily after UK GDP released its sharpest contraction in almost 20 years. Selling pressure has increased on the Pound and the decline from 1.4495 on early European session extends below 1.4335 moments after the release of GDP and current account figures.

The Pound is showing a strong bearish move, approaching 1.4230 support level (Mar 16 high); below there, next support level lies at 1.4160 (Mar 19 low) and once below here, 1.4050. On the upside, resistance levels might appear at 1.4390, 1.4420 and above here, intra-day high at 1.4491.