FX.co ★ GBP/USD Buy Above EMA 200 - For November 13, 2012 (Daily Strategy)

Yesterday the British pound finally approached the level of the 200 day moving average located at 1.5850. Some consider this level to be a key level for the pair. But it does not mean that the bears have won the war, above the EMA 200 the bulls still have strength to fight in the last level of support they have. Therefore, it is recommended to stay tuned to the levels of 1.5850 and 1.5853 weekly support. If the pair is traded in a weekly close below these levels, we will become bearish and leave our bullish outlook.

We still have the last exerted upward. It is very important to place the stop loss very close to the test level, around 1.5830. Our target is located at 1.6065, psychological level.

We recommend caution; the MACD indicator on the 4 hour chart is showing a bullish rebound imminent.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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