FX.co ★ GBP/USD Key Level 1.5080 for May 23, 2013 (daily strategy)

The British pound is trading at the key fractal level of 1.5080, which is a strong resistance to the pair. Suggesting that yesterday's rejected area of 1.50 (psychological level) is likely to be a recovery at least until the resistance level of 1.5335 (where sell may occur), we recommend to buy only if the price is hovers above 1.5080 in 4-hour chart with the target at 1.5080. Note that Momentum indicator is forming a rounded bottom suggesting that there may be an upside rebound for the next few days. Watch the moving average of the MACD, which, in its turn, can push the pound to the level of 1.53.

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