FX.co ★ GBP/USD Sell Bellow 1.63 for September 21, 2012 (Daily Strategy)

The pound sterling exceeded the 1.63 area, and is going down right now; weekly resistance level is at 1.6329. The pair fell just below this and is losing strength right now. Given that indicators are indicating an overbought correction, the fall is likely to be extended to support levels. On the other hand, a pullback is probable to weekly resistance. Thus, we recommend selling at 1.6315 with medium-term targets to 1.6033, the stop loss we will be placed around 1.6350.