FX.co ★ GBP/USD Buy Above Fractal 1.5963 - For January 09, 2013 (Daily Strategy)

The British pound is testing the psychological level of 1.60. It serves as a reference for investors, lower is 1.5963 fractal, as you can see from the chart. It will serve as the last barrier as a support. Indicators are showing oversold and it is likely to be a bullish rebound for the next few hours. The trend will be defined tomorrow with the data of the interest rate. Today considerable movements are not expected, so we should be cautious and operate with low leverage. Given that the pair is above the 200 day moving average periods, we remain bullish on this pair in the long term.
Therefore, we recommend buying above the psychological level of 1.60, or in case there is a rebound in the daily fractal, we can buy with objectives to the next fractal 1.6135.

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