FXstreet.com (Barcelona) - After falling around 1.30 pips from the 1.5070, new 3-months high, to 1.4934, fresh intraday low, the GBP/USD is testing the 1.4950 support level again. Currently, the pair is trading around 1.4950/60, falling 0.30% along the day.
Yesterday, Cable rose 0.59% from the 1.4907 opening price, reaching 1.5036 as maximum and 1.4821 as minimum, to close the day at 1.4999.
According to Nicole Elliot, Analyst at Mizuho Corporate bank, 1.5000 is a key level: A pity Cable did not manage a daily close above the psychological level at 1.5000, but maybe not that surprising considering it's had no help from other major currencies. With a little luck a weekly close above here will send many off to re-think UK plc.
Elliot advices us with her strategy: Buy at 1.4995, adding to 1.4825; stop below 1.4550. Short term target 1.5050, then a lot more.
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