FX.co ★ GBP/USD Sell Bellow 1.5915 for August 30, 2012 (Daily Strategy)

Conference in Jackson Hole that will last for three days starts today. Tomorrow Bernanke will be giving a speech and it seems that markets are willing to consolidate until we get some sort of clarity from the President. It seems that the whole world is waiting for any decision made by the Fed which will satisfy the markets.
From a technical point of view, 1.59 to 1.61 is a strong resistance which will be very difficult to overcome. If the expected data is negative, we recommend selling very cautiously at the level of 1.5915, and 1.5950 with a tight stop loss. The objectives will be in the uptrend line initiated by a bullish triangle pattern, and then the strong support at 1.5770. Note that below this level there will be a very massive sale.

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