FX.co ★ GBP/USD Sell Below EMA 200 for August 14, 2012 (Daily Strategy)

The British pound was trying to break the resistance for five times since the beginning of June, moving average is at 200 periods (blue). Today it had attempts to overcome this level, but failed to fix above it. Now the pound is trading at 1.5701, you can see the graph and notice that the pair has made ​​ attempts to overcome this level, and eventually did not manage to do this.
In case the pair exceeds this level and closes above the EMA of 200 periods, its nearest objective is at 1.5898 weekly resistance. At the moment our outlook is bearish, so we recommend selling at 1.5720 with targets at the uptrend channel around 1.5580.
The stop loss is placed above the maximum recorded around 1.5760.

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