FXstreet.com (Barcelona) - The Pound's impressive rally today totals gains by more 400 pips from 1.4275 level ahead of the European session opening to levels above 1.4680 resistance (downtrendline off 1.5720 high on Dec 17), reaching right below the 1.4725/35 resistance level (Mar 25 high).

Above here, the Pound would have the path clear towards 1.4775 (Mar 24 high) and , if that level gives way, the Pound would set a fresh 7-week high.

Sterling, however has entered into overbought territory in the hourly and 3 hour charts, therefore, a setback below 1.4680 level looks well likely. Below there support levels could be at 1.4580 and 1.4495 (Mar 27 high).