FX.co ★ GBP/USD, Pattern of Stagnation, December 08, 2010 (Daily Strategy)

GBP / USD

The pair Pound - Dollar is on the high of a sharp correction after running into the secondary resistance of 1.5815, leading the pair down. As the trend remains positive, you can take advantage of the current correction to get the pair to a more attractive price. The 1.5700 support level will serve as a prime target for purchase.

According to the estimation technique, the pair Pound - Dollar falls into a pattern of stagnation, after which it is estimated that it would resume the upward sequence, which began some time ago. Our ultimate goal for the start of the long position is about the important resistance level of $1.6050 per pound.