FX.co ★ GBP/USD buy above fractal 1.5963 - for January 16, 2013 (Daily Strategy)

The British pound is trading very close to the psychological level of 1.60. It likely that this level will be broken in the next few hours, as the pair has an underlying downtrend. Therefore, our nearest support is at 1.5963, fractal level daily. In the previous months this level offered strong support, as well as the level of 1.6135. Thus, we must be alert to this level of support, so we recommend buying above 1.5963 with targets up, 1.6135, next fractal daily. Technical indicators are showing an imminent rebound to 1.5963.

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