FXStreet (Mumbai) - The British pound manages to recover lost footing against its American counterpart in the mid–European session, sending GBP/USD back towards higher levels near 1.4840 region. GBP/USD reverts to 1.48 handle The GBP/USD pair trades 0.12% higher at 1.4838, heading for a retest of daily highs posted at 1.4845. The bulls fight back control and refuel the demand for higher yielding currencies as the European stocks recover losses. The DAX now trades -0.39 versus -0.60% previous while the UK’s FTSE drops -0.48% as compared to a -0.68% fall seen in early trades. Moreover, the GBP traders appear to cheer in a delayed reaction, the latest auspicious HPI data from the UK and therefore, provide the much-needed support to GBP/USD. Meanwhile, attention now remains on the US data for further momentum amid low volumes. GBP/USD Levels to consider The pair has an immediate resistance at 1.4858 (1h 50-SMA), above which 1.4878/86 (5-DMA/1h 200-SMA) would be tested. On the flip side, support is seen at 1.4800 (round number) below which it could extend losses to 1.4787 (Dec 29 Low). For more information, read our latest forex news.