FX.co ★ GBP/USD Sell Below Fractal 1.6135. For November 02, 2012 (Daily Strategy)

The British pound tried to break the bearish channel but it was unsuccessful. Yesterday it fell below the 1.6135 fractal (key level) that we mentioned earlier in our articles; this level has exerted strong downward pressure since early October. Currently the pair is trading at 1.6070, above the moving average of 50 periods. If it falls below this level we recommend selling, with objectives to the next fractal of 1.5950, which serves as a very strong support.

On the other hand, a pullback to 1.6135 key level will be a chance to sell this pair with objectives to 1.60 psychological level.

The operators are very uncertain because next week will be key for the markets, so we recommend great caution, and do not risk, as it will be unpredictable movements.

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