The British pound was able to recover after having broken the 1.61 level. Now it is trading above 1.6135 fractal. It is likely to continue the correction to the level of 61.8% Fibonacci. Level 1.6235 and higher up the psychological level of 1.63 will offer much resistance. Therefore, any pullback should be considered as an opportunity to sell the pair at resistance levels.
Looking ahead, I think a break of 1.63 level is one of the main signs that we will achieve in the coming months. If the pair exceeds the 1.63 level, we will be seeking goals of 1.65 and 1.70 for 2013. Remember, the Federal Reserve said it will expand its quantitative easing measures in the foreseeable future.
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