FX.co ★ GBP/USD: Correction for March 30, 2012 (Daily Strategy)

The GBP / USD pair is traded in an uptrend and found resistance at 1.6005 W_R2. In the yesterday's analysis we mentioned that the pound will have the objective at level 1.60 given that the statistics for the pound is unfavorable, apparently due to the weakness of the labor sector and a high level of inflation that affects retail sales. However, the influence of the external environment is stronger driving the pair to new highs.

We believe that thisis not a long-term prospective. So, we recommend Sell-deals at level 1.6088 with a short-term target 1.5850.

The range indicator and Momentum are showing the overbought levels and the beginning of a correction.