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The Pound is going g through a sharp recovery from 1.5190 low on Monday, as the pair extended its upmove on European session, fuelled by UK CPI figures and improved risk appetite, breaking above 1.5400, to hit session high at 1.5435 so far.

According to the FXMarketAlerts Team, the pair has closed Monday's gap and the pair could open a consolidation period around 1.5350 for the next sessions: "Pop higher this am. has held, though we're now up at 1.5420 resistance (last week's pivot), which is a likely s/t range ceiling. At any rate, closure of the Monday gap cancels the weakness there and suggests 1.52 is a feasible floor for the next 1-2 days' trade centered on 1.5350."

On the upside, above 1.5420, next resistance levels lie at resistance levels lie at 1.5525/35 (Mar 17 high/Feb 8 low), and 1.5575 (Feb 23 high). On the downside, support levels lie at 1.5340 (Apr 19 high/previous session high), and below here, 1.5255 (intra-day level) and 1.5190 (Apr 19 low).

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The US Securities and Exchange Commission (SEC) rocked the financial world on Friday, April 16, with the announcement it was charging Goldman Sachs with fraud. The Wall Street bank's shares plummeted on the news, and the resulting shock waves rippled through markets across the world.

Essentially, Goldman Sachs is accused of selling sub-prime mortgage-backed securities that were intentionally designed to lose money for investors. These bogus products ended up costing the bank's clients a billion dollars while the manager of the hedge fund, Paulson & Co., pocketed the same amount in profit.

More blows may soon fall on Goldman Sachs. Both UK Prime Minister Gordon Brown and Germany Chancellor Angela Merkel gave strong indications over the weekend that their respective governments would look into the matter and see if charges would be pursued. The US Congress has also called for further investigations into the bank's activities.

The currency markets have responded with the dollar strengthening versus the euro, pound and minor dollars, while the yen rallies on its safe-haven reputation as risk aversion spreads.