FX.co ★ GBP/USD Technical Correction for September 12, 2012 (Daily Strategy)

The pound sterling recorded a maximum level of 1.6130 which coincides with the daily fractal of 1.6129, the second weekly resistance is placed 33 pips above at 1.6163. Given that the markets are bullish, the pair may find a strong resistance at these levels. We, therefore, recommend selling below the 1.6129 fractal, with objectives at the nearest support of 1.5958.

The MACD indicator is showing an imminent correction in the price of the pound.

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