The Cable is stuck in a 'flag' formation that remembers the December 2004 high at 1.9550. Nicole Elliot, senior technical analyst at Mizuho Corporate Bank affirms: "There is a good chance of a strong rally this month as bullish momentum remains very strong indeed." Elliot concludes: "However, it is difficult to say at which precise levels short stops will be triggered although a sustained break above 1.9000 should probably do the trick."