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FXstret.com (Barcelona) - The Pound has stretched higher on European session, favoured by upbeat manufacturing data, to reach session high at 1.4890, although, unable to keep those levels the pair fell back shortly afterwards to 1.4800 at the moment of writing.

Despite the current weakness, Stoyan Mihaylov, technical analyst at Deltastock.com expects to see a rebound from session lows to reach 1.5100 area: "Although the current bias is still negative, we favor a reversal around 1.4750 to initiate an uptrend for a tight test in the 1.5100-5120 zone. Important on the upside is 1.4871."

Support levels, at the moment, lie at 1.4760 (session low), and below here, 1.4710 (May 6 low) and 1.4645 (intra-day level). On the upside, resistance levels lie at 1,4870/85 (session highs), and above here, 1.4900/10 (intra-day resistance) and 1.5000.

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