FX.co ★ GBP/USD: Buy above fractal 1.5788 - for January 22, 2013 (daily strategy)

The British pound encountered a very strong support above 1.5788 daily fractal and touched the 50% Fibonacci retracement. On the other hand, the pair is below the 200 day moving average periods. This pair is showing a small recovery, there is a bullish signal, which will be confirmed only by overcoming the 1.5905 (EMA 200). Now, if there was a setback to 1.5788 daily fractal, you have to purchase above this level, with objectives to 1.6060.
Technical indicators are moving in bullish sign, but have not yet been confirmed. So we must be very careful because the trend is bearish.

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