FX.co ★ GBP/USD sell below EMA 200 - For January 31, 2012 (Daily Strategy)

The British pound in 4 hours chart has broken its short-term downtrend, but in the long term, we expect the downtrend to continue. The 200 day moving average periods (blue) is the key level and located at 1.5898. If you look at the chart below the moving averages are three candles that the pair has tried to overcome, but failed. Hence the downward movement led the pair to a minimum of 1.5745. The pair is likely to continue the rebound to this area. So it is recommended to sell with objectives to 1.5613 fractal. In the medium term, we are bearish until 1.5350.

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