FXstreet.com (Barcelona) - After fighting the 1.4800 level in the early European morning, GBP/USD has broken down this support and currently is trading around 1.4765/75 after reaching 1.4756, fresh intra-week low.

According to Nicole Elliot, Mizuho Corporate bank analyst, Cable should close above 1.500: Too dreary for words. With a little luck a weekly close above 1.5000 will send many off to re-think UK plc, making for more interesting markets over the next month.

Elliot advices us with her strategy: Attempt longs at 1.4860; stop below 1.4550. Short term target 1.5050, then a lot more.

For more information, read our latest forex news.