FXstreet.com (Barcelona) - The Pound is going through a sharp downward reversal on the back of the budget speech by U.K. Chancellor of the Exchequer Alistair Darling; GBP/USD was rejected at 1.4655 dropping all the way to a new intra-day low at 1.4476.

The Pound is right at support area 1.4475/65, in case of further downside move, next support level could come at 1.4400 and then 1.4365/75. On the upside, once above 1.4515, the pair could find resistance at 1.4585/1.4600 and above here, 1.4660/75.

GBP/JPY has declined all the way from 143.70 to a fresh two weeks low at 141.40. At the moment, the pair moves at 1.4186, about 2.0% below its opening price. Resistance levels stand at 143.05 and 143.30. Support levels are 142.55 and 142.35.

For more information, read our latest forex news.