GBP/USD: Sell below EMA 200 – for February 08, 2012 (Daily Strategy)
The Pound takes uptrend in the short term, after breaking on the H4 a line downward, 1.5770. Yesterday it closed above the 61.8% Fibonacci retracement. The price of British currency increases and already has exceeded 1.58 in these minutes, in a move that does not correlated with the other European currencies. This pair remains bearish even in the medium term. If you look at the chart below, the pair has had several attempts to overcome the level of the 200 day moving average periods and failed. So we recommend selling below this level at 1.5880 with targets at 1.5614 and 1.5440. A daily close above 1.5910, the trend will be changed completely and it is likely this pair continues rising until 1.60 psychological level, and strong resistance level of 1.63.
The indicator of commodities is approaching overbought zone.
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