FXstreet.com (Barcelona) - The Sterling is consolidating levels above 1.6300 price against the Dollar throughout today's session after rising 0.40% so far today from opening price action at 1.6260 to the current 1.6323, intra-day high.
GBP/USD is trading on recovery path from last Friday's low at 1.6210 qith the pair opening the week above 1.6300 level.
Now that consensus opinion is firmly against sterling and the yen, these were last week's best performers, reversing their position in December. Says Nicolle Elliot, chief technical analysis at Mizuho Corporate Bank. Cable is struggling with a large Ichimoku 'cloud' and moving averages have crossed to bullish. Note the daily 'cloud' narrows sharply by the 26th of this month so prices should be able to break through it eventually.
Elliot comments that due to the cable's moving average has turning on bullish momentum, she recommends: Attempt longs at 1.6300, adding to 1.6255; stop well below 1.6200. Add to longs on a sustained break above 1.6415 for 1.6555 short term.