FX.co ★ GBP/USD - correction- for April 10, 2013 (daily strategy)

The British pound is trading below its long-term bearish channel. 1.5350 level will continue to act as strong support for the pair. On the other hand, we expect to see a break higher bluntly, that the pair starts a new sequence upward, so we believe that before this happens there should be a correction of the pair towards 1.51 level. Therefore, it is recommended to sell at current levels, we will place stop loss above the maximum of 1.5350 with short-term objectives 1. 5110. The Momentum Indicator is showing bearish signal.

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