GBP/USD buy above fractal 1.5788 – for January 23, 2013 (daily strategy)
The British pound has been testing above the 1.5788 fractal for three days and recorded the minimum at 1.5801. This morning during the American session it has recovered from the downward pressure. Now it is trading at 1.5883, the fact that this pair could not break the 1.58 level is an indication that this pair wants to go higher, towards the level of 1.60, psychological level. In the medium term it will be trading again until 1.63. Our bullish signal will be activated only if the pair closes above the 200 day moving average periods (blue).
Therefore, I believe that we will see a return to the quotation level 1.63. Therefore, it is recommended to buy above 1.5788 fractal and above the level of 1.58, with a target in the medium term to 1.63.
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