FXstreet.com (Barcelona) - The Sterling remains trading on consolidation mode against the Dollar during today's European session and, after reaching lowest level since May 21th at 1.5710, GBP/USD has bounced at this level to trade above 1.5800 in a 90 pips rebound movement.
Currently the pair is trading around 1.5795/1.5805, 0.60% below today's opening price action at 1.5799.
Nicolle Elliot, Analyst at Mizuho Corporate bank, commented this morning that She expects the pair trading above 1.5900: Nicole Elliott, analyst at Mizuho Corporate bank, expects pair to trade above 1.5900: Trapped below the bottom of a small 'flag' and above the first medium term Fibonacci retracement support. Expect more of the same as Cable is torn between sterling weakness and US dollar selling.
Elliot shares us with her today's strategy: Possibly attempt tiny longs at 1.5770; stop below 1.5700. First target 1.5925.