FXstreet.com (Barcelona) - The Pound is taking advantage of Dollar weakness and it has gone through a 180 pips rally so far on early European session, from Asian session low at 1.6616 to hit 1.6800, fresh 3-month high at Euriopeaan session opening although, at the moment of writing, Sterling remains at 1.6775.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, a weekly close above 1.4835 should increase bullish momentum: Almost, but not quite, a weekly close above important resistance around 1.6665. As other currencies are doing something similar we shall hope for a weekly close above 1.6835 which will really increase bullish momentum.

Resistance levels, according to Elliott, lie at 1.6800, 1.6835 and 1.7044. On the downside, support levels are 1.6690,1.6618 and 1.6555.