FXstreet.com (Barcelona) - The Pound posted a rally yesterday of nearly 300 pips moving from yesterday's low at 1.3700 during U.S. session to an intra-day high at 1.3985, although the pair has turned down and trades around 1.3880 heading towards support line at 1.3840.

The Pound has started a consolidation move after yesterday's rally, dropping to a low at 1.3860, and has posted an slight bounce to 1.3900, on its way up 1.3925 and 1.3985 are the next resistance levels before psychological resistance at 1.4000. Above here, 1.4040 (Mar 6 low) and m1.4100.

On the downside, next support remains at 1.3880, and below here the area between 1.3830/40, and 1.3800 below herehere, the Pound could drop as low as yesterday's low at 1.3700.