FXstreet.com (Barcelona) - The Pound has reached a new intra-day high at 1.5065 on early European session to pull back afterwards to levels above 1.5000, consolidating at three-week high levels after yesterday's rally from 1.4835.
Nicole Elliott, senior technical analyst at Mizuho Corporate Bank observes the possibility of another squeeze higher this week: The strongest weekly close since early January but under the psychological 1.5000 area. Other currencies are doing something similar and bullish momentum has increased. Futures positions are less than half of 2007's peak suggesting many are looking in the wrong direction. Expect another squeeze higher this week and maybe all month.
On the upside, the Pound could find resistance at 1.5065 (Apr 16 high) and above here, 1.5080 and 1.5120 (Apr 12 high). On the downside, support levels lie at 1.4950, 1.4915 (May 1 NY close) and 1.4885 (May 1 pivot).
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