FX.co ★ GBP/USD - EMA 200 at 1.57 sell bellow for June 11, 2013 (daily strategy)

The pound demonstrated a modest recovery some time ago. Thus, it gained almost 700 points since May 29, when it was trading at 1.4993, and reached its maximum of 1.5684. However, given that this pair has the 200 period moving average around 1.57 and this level is very strong, we should expect a weekly close above the 200 EMA to buy up to 1.60 levels. Now, given that the pair still did not show a correcion, and also the momentum indicator is indicating overbought levels, it is likely that the pair would go down during the next session to the level of 1.5336, its fractal daily.

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