The Pound sterling remains below fractal, at 1.6135, as we were pointing out for several days ago. This fractal is very strong, so you should sell below this level, and all upward bounce should consider an opportunity to sell this pair. The pound is currently trading at 1.6103, this pair has proved stronger than the euro, but it is a little exhausted. There is probably of a correction downward to the level of 1.60.
At a fundamental level the Bank of England, left unchanged the benchmark interest rate at 0.5%, a record low for the company since its inception, and extending from March 2009. At the same time it remained unchanged its bond purchase plan.
It is likely that next year the pair continues its upward trend. Reading this column you could notice that our outlook remains bullish from 1.5850 above the 200 EMA periods. In the short term we will see a correction, so we do not recommend buying. We will buy again if the pair is trading at 1.60/59 with objectives in the medium term until 1.65 and 1.70.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
The material has been provided by Instaforex Company - instaforex.com
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