FX.co ★ GBP/USD Strong Support 1.5784 - For August 23, 2012 (Daily Strategy)

The British pound had a bullish session yesterday, exceeding strong resistance of 1.5766 and hitting above the 200 day moving average (blue). This indicates a good bullish momentum within the pair, we note that the pair is losing strength and is possible that downward correction there expects the former resistance, but now serves as support at the level of 1.5784 ( fractal daily), increasing the likelihood of a strong support.
Therefore, we recommend buying 1.5784 with targets at 1.5950. Fractal next day.

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