FXstreet.com (Barcelona) - The Pound sterling has picked up strength after bouncing back 1.4152 on late U.S. session last Friday to react strongly upwards to gain more than 400 pips so far reaching close to 1.4600 (Feb 13 high), the highest level of the last two weeks.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Pound has formed an interim low and is on its way to test the downward trendline resistance: Our patience appears to have paid off with Cable forming an interim low around retracement support and now looking set to re-test trendline resistance and break through a very thin Ichimoku 'cloud'. In what could be a terribly explosive move, and in complete contrast to the cautious dips we have seen since November, prepare for daily rallies of several cents.

Next resistance levels, according to Mizuho are 1.4583, 1.4695 and 1.4888; support levels stand at 1.4470, 1.4365 and 1.4245.