This morning the British pound has been trading with a lot of volatility. Support is at the weekly pivot, 1.5040. This level is bouncing, but landed hard to the 1.4830 level a few days ago. This level is the crossroad with the dollar. In our opinion for the medium term the British currency could recover to the 1.55 area without much difficulty, but first should break the very strong 1.5280 fractal. We believe that this level will offer a strong resistance of the pair. Therefore, in this area we recommend selling to targeted weekly support level 1.5010.
The technical Momentum indicator is entering a zone of resistance. Therefore, it is likely to be a bearish movement for the next few days as part of a correction of the upward movement.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GBP/USD - sell below fractal 1.5280 - for March 20, 2013 (daily strategy) . Thanks for your support on GBP/USD - sell below fractal 1.5280 - for March 20, 2013 (daily strategy)
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