FXstreet.com (Barcelona) - The Pound has moved about 150 pips higher during the European trading session, but 1.4050 has turned to be a rather strong resistance level, and Pound's rally from 1.3863 has been unable to break above 1.4040.

The Pound, above 1.4040 could find resistance at .4100 and above there, intra-week high at 1.4125, then 1.4235 and a seemingly strong resistance level at 1.4300 (Mar 6 high). On the downside support levels come at 1.3980, and below there 1.3920 if the pair falls below here, 1.3860 and 1.3800.

On the longer term the Pound remains trading on a bearish channel and according to the Kshitij Consultancy Service Team, the Pound should peak below 1.4300: Cable has risen during the day and is likely to see continue with the upside till the Resistance near 1.43; beyond which it is likely to come down towards 1.3350 as suggested by the curvilinear trendline on the daily candle chart. Overall bearish phase in Cable is likely to continue with bouts of surges here and there. We would want to go Short on rise towards 1.43.