GBP/USD Bearish Outlook for July 18, 2012 (Daily Strategy)
The British pound is falling down during these hours as the result of the Minutes of the Bank of England and the declarations of the president of the Fed.
The level above 1.57 is a strong resistance zone that extends to the level 1.58. Of course, the daily close above this level will increase the likelihood that the pair may raise to the level of 1.60. However, it will not be so easy.
Moreover, we notice a downward trend channel remains under bearish pressure. We, therefore, recommend selling in the levels of 1.5640 and 1.5520 with targets at 1.5440 respectively.
Trend indicator, a roof formed, showing that the pair is trying to negotiate over 1.57.
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