FXstreet.com (Barcelona) - The Pound seems to be advancing at a strong pace against the Dollar as the Pair broke through 1.4850 on early European session, reaching levels above 1.4900.

Next resistance level lies at 1.4950 and above there, 1.5065 (Apr 16 high). On the downside, support levels lie at 1.4810 and below here, 1.4737 and 1.4675/90.

On a longer perspective, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank observes the possibility of a Pound rally above 1.50: Slow work but managing to close above the 9 and 26-day moving averages. We remind that only a weekly close above 1.5000 will give Cable a fighting chance for a decent rally.

For more information, read our latest forex news.