FX.co ★ GBP/USD Buy above 1.5950 - For October 11, 2012 (Daily Strategy)

The British pound is trading above its psychological level of 1.60 the pair found strong support in the second support weekly, as we mentioned in our review on Monday. You can read the full analysis here /en/analysis/72616/.
Now the pair has a dynamic resistance at 1.6050. If the pair manages to overcome this level it would win quickly positions to 1.6140 (Bearish trend line).
At a fundamental level, the Bank of England is now satisfied with its monetary policy and the Federal Reserve is ready to expand its quantitative easing seemingly limitless sense of its currency. The pair should continue higher. In the medium term we expect it will rise to 1.65. We maintain our bullish outlook above 1.5950.

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