FXstreet.com (Barcelona) - The Cable has been strengthening from 1.4325 level hit on yesterday's early U.S. session and its rally has accelerated ahead of the European session opening, past 1.4500 and rocketing towards 1.4585 level, fuelled by the first increase in UK home sales since Oct 2007.

Sterling has squeezed above the 200 SMA in the Hourly chart, and the Pound looks strongly bullish, trading around 1.4570 at the moment of writing.

Potential resistance levels stand at 1.4585, and above there 1.4640 (Mar 26 high); above there 1.4725/35 (Mar 25 high), and once above there, 1.4780. On the downside, 1.4495 (Mar 27 high) , 1.4385, and below there, 1.4320.

EUR/GBP has collapsed from 0.9242 on early U.S session all the way through a seemingly strong support level at 0.9150, and at the moment of writing, the pair trades around 0.9110.