FX.co ★ GBP/USD Buy Above Trendline, February 24, 2012 (Daily Strategy)

GBP/USD

The British pound - U. S. Dollar pair, carries two days to rising, after his fall to 1.5640 support, and now nearing its downtrend line short-term, two things can happen: That comes to touch their downtrend line, and back towards it north or break their trend line and be directed south until 1.6000, at a minimum.

We must be careful at this level as it could be highly volatile.

Therefore recommend you buy on a pullback of the pair, maybe in the 1.5680, or if the break is made - above the bearish trend line.

Our ultimate goal, it is placed around the second week resistance of 1.5994 dollars per pound.

The Range and Momentum indicator. show bullish signals.