FXStreet (Edinburgh) - It seems the sterling is recovering the smile today, lifting GBP/USD back above the 1.4300 handle to the 1.4315/20 band. GBP/USD off multi-year lows The pair has managed to leave the area of multi-year lows seen last week around 1.4240, advancing at the beginning of the week to daily highs beyond the 1.4300 handle. The pair’s oversold condition following the recent sharp retracement might be acting as the main driver behind today’s correction, amidst a context favourable to the greenback and speculative positioning still net-short GBP. GBP/USD key levels The pair is now up 0.37% at 1.4305 and a break above 1.4490 (downtrend from 1.5232) would open the door to 1.4626 (20-day sma) and finally 1.4947 (high Dec.24). On the flip side, the immediate support lines up at 1.4247 (low Jan.15) ahead of 1.4230 (monthly low Apr.2010) and then 1.4049 (monthly lows Jan.2010). For more information, read our latest forex news.