GBP/USD: The Pound pulls back from 1.5160, four-month high

Pound’s rally from yesterday’s low at 1.4832 has capped at 1.5160, fresh four-month high, as the Pound has dropped to levels below 1.5100. At the moment, the sterling trades at 1.5085, 0.32% above its opening level, approaching support level at 1.5065.

On its downside, the pound could find support at the mentioned 1.5065 (Apr 16 high) and below there, 1.5015 and 1.4960. On the upside, resistance level lies at intra-day high at 1.5160 and above there, 1.5190 and above there, 1.5370.

Analysts affirm that Pound rally seems exhausted: “Pair seems a bit exhausted to the upside, and ready for a downside correction in the hourly charts, probable bearish engulfing in the hourly, yet as long as the pair remains above 1.5000, consider bullish bias intact. Tough congestion zone around 1.5115 will be key for today’s close.”