FX.co ★ GBP/USD Sell Bellow Fractal 1.6130 - For October 16, 2012 (Daily Strategy)

The British Pound is indecisive to move higher as it has much downward pressure. The resistance that the pair has to face is the daily fractal at the level of 1.6130. We recommend selling at this level because it coincides with the downtrend line. We expect a bearish movement to the nearest 1.5958 fractal. On the other hand, if the pair exceeds 1.6130 fractal and closes above this level, close all our bearish positions.
If you look at the chart, the pair has much pressure below that level, so it would be a good strategy to sell.
In the medium term, we remain bullish for this pair above 1.58. If the rate is above 1.6170, then come back to buy again.

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