FXstreet.com (Barcelona) - Sterling's decline from 1.5160 4-month high yesterday has found support at 1.4990 and the Pound has picked up to test levels at 1.5050 at the moment of writing.

In case of successful move above 1.5050/65, next resistance level comes at 1.5095 and above there, 1.5160 (May 5 high). On the downside immediate support level remains at 1.4990/1.5000 area, and below there, 1.4950 (Apr 15,17 and 30 high) and 1.4830 (May 4 low).

According to Carol Harmer, technical analyst at Charmer Charts, 1.4990 is a key support level: Once buyers broke 1.5100 they quickly took this to 1.5165 from where sellers finally put their foot down and defended well knocking this back overnight to 1.4992. This is just above the 38% fib level, and buyers do not wish to lose out, and will defend the market down between 1.4985 and 1.4932, 50% retracement level.

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