FXstreet.com (Barcelona) - The Sterling has been unable to take advantage of widespread Dollar weakness and the pair has declined from 1.6740 to approach 1.6300 area at the moment of writing, and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Pound will continue moving randomly while below 1.6750.
Elliott foresees furhter random moves around 1.6350 for the next sessions: Messy and nasty and Cable drops below the Ichimoku 'cloud' while moving averages remain positive, though only a sustained break above 1.6750 will kick-start a short-squeeze. Until then allow for more random moves roughly around a central point at1.6350.
Support levels, according to Elliott lie at 1.6322, 1.6275 and 1.6185. Resistance levels are 1.6454, 1.6535 and 1.6600.