The pound failed to break the 1.6135 fractal. Yesterday we saw a fall of the pair. It faces the psychological level of 1.60 at the moment. Now we notice the weekly pivot of 1.6010, this level is key. If the pair closes above this level you can buy up to 1.6080 with targets as part of the pullback.
On the other hand, If a pair close at1.60 next week we can see a fall of the pound to 1.5850, level of the EMA of 200 periods.
It is likely that next year the pair continues its upward trend. Reading this column you could notice that our outlook remains bullish from 1.5850 above the 200 EMA periods. In the short term we will see a correction, so we do not recommend buying. We will buy again if the pair is trading at 1.60/58 with targets in the medium term until 1.65 and 1.70.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
