FX.co ★ GBP/USD Bullish Outlook June 03, 2011 (Daily Strategy)

GBP/USD

The United Kingdom pound – United States dollar pair will continue its drop until the 1.6200 support level. However, this is seen as only as a correction and so, we should continue look for the entry point so long as the price is at relatively low levels. In the long term, the pair still has a long way to go until it reaches its final target point at 1.6660. Also, it is important to point out the STOP/LOSS point situated far below the weekly support level of 1.6200