FXstreet.com (Barcelona) - The Pound's rally from 1.4275 has been capped at 1.4435 , to turn down to levels below 1.4375 on its way towards 1.4305 support level.

On the downside, below 1.4305 (Mid range of congestion zone), next support levels could stand at 1.4265/50, and below here, 1.4235 (Mar 31 low). Resistance levels stand at 1.4375, and 1.4425 (Mar 26 low); above here, 1.4495 (Mar 27 high).

According to Valeria Bednarik, collaborator at FXstreet.com, the Pound is prone for further diving in the next hours: Still slightly bullish, the 1.4440 strong zone has capped the upside for the moment. Candle formations along with momentum indicator suggest further losses for the next hours if the pair manages to break under the 200 EMA dynamic support around 1.4350.