FX.co ★ GBP/USD Around EMA 200 for August 16, 2012 (Daily Strategy)

The pound is trading above the moving average 200 (blue), because, as we had mentioned in previous articles, the pair was trying to fix above this level but failed to do so. It is already the sixth time the currency is trying to hold above this level. Only a close above 1.5744 will give us the signal that the pair is ready to reach 1.5754, which is weekly resistance. We, therefore, recommend buying only if the pair closes today above 1.5744.
Our other strategy is bearish, we recommend selling below 1.5732 resistance weekly, with targets at 1.5509. We close this bearish position only if the pair closes the quote of today above 1.5744.

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