FX.co ★ GBP/USD Buy Above EMA 200 for August 22, 2012 (Daily Strategy)

The pound has marked the upward trend. The level of 1.57 has served as a very strong resistance, which the currency was trying to overcome but failed to do so. Now it is located above that level and above 200 moving average period. This tells us that the pound can go up to the level of 1.60 in the medium term.
Since the pair is above the moving average 200 (blue), it is possible that it will return to this level, and then will be a strong support for the British pound. We, therefore, recommend buying at the 1.5710 level with targets at 1.5950 in the short term.
The trend and MACD indicators are showing bullish signs in the medium term.

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