FX.co ★ GBP/USD: Around Trendline for March 29, 2012 (Daily Strategy)

After a massive sale yesterday the GBP / USD pair traded slightly upwards, from the technical point of view, it is in a position that is very near the uptrend line.
We recommend selling below breaking through the trend line and below the weekly pivot line, a daily close below these levels will change the outlook for the pair, which breakdown could push the pound to 1.5701. On the other hand, a return to the upward trend line and a close above 1.5855 would accelerate to the south, to 1.6000.
It is possible that the pair consolidates at current levels of quotes.
The MACD indicator is downside directed and showing a bearish signal.