The British pound has managed to reach the level of 1.6060, the key to sell deals level which we mentioned yesterday. If you are following my analysis, we entered sale this morning, at the level of 1.6057. However, this level is below the downtrend line. Currently it is trading at 1.6034, so we recommend selling at current price levels with objectives to the 61.8% Fibonacci retracement of at the level of 1.5910. In case there is a return to the 1.6057 level again, we recommend selling tightly, waiting for a correction in the short term.
The fact that the pound is above the 200 day moving average periods adds bullish strength for the pair, which we expect will reach the level of 1.61 and 1.63 in the medium term. So reversals of this pair meant opportunities to buy the pound.
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