FX.co ★ GBP/USD Technical Pattern - For October 18, 2012 (Daily Strategy)

The pound is located within a technical pattern and with a short-term uptrend. Given that this pair has had a few movements in recent days. It has faced on the downtrend line, trying to close above 1.6170, as you can see on the chart.
Given that all markets are optimistic about the summit meeting of European leaders to be held on Thursday and Friday in Brussels, it may give impetus to the pound.
In this moment we recommend any position, because we are expected to take the market decision. If the pair breaks the downtrend line, we recommend buying above 1.6170. On the other hand, if the pair closes below 1.6129 fractal, we recommend selling but with caution, as the ransom demand from Spain, could push up the price of the pound.

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