The pound sterling fell into the European session. We may note it on the chart; the pair is close to touch the 1.5901 key support that we had been talking about. Although, we cannot change our bullish outlook, because the pair is above the 200 day moving average periods, provided that the pair is above this moving average will remain bullish. A close below this level will invalidate our bullish outlook for this pair.
Therefore, we will place at 1.59 with take profit on the weekly pivot of 1.6066. We will place stop loss below the 200 EMA around 1.5850.
In the long term, the psychological level of 1.60 is significant. It is true that the debt problems in Europe do not contribute to the recovery of the pound. The pair will be more bullish Above 1.6066. Therefore, we recommend caution; do not risk your capital only by the euphoria of the markets.
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