FXstreet.com (Barcelona) - The Pound has launched two attacks to break resistance area between 1.4580 and 1.4600 but both of them have failed and the Pound remains trading around 1.4550 and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, bullish momentum should increase if the pound remains above 1.4500.
Elliott points out to 1.4500 as a key level for upside moves: Bouncing from the top of the Ichimoku 'cloud' and note that the 26-day moving average has moved up sharply to 1.4590. Bullish momentum might increase if we hold above 1.4500 today.
Concerning Strategy, Elliott advices longs at 1.4555: Attempt longs at 1.4555; stop below 1.4350. Short term target 1.4700 then 1.4850.
For more information, read our latest forex news.