Having broken the 1.6135 fractal and approaching the psychological level of 1.60, the British pound continues falling from the key level of 1.63. The strongest support is at 1.5965. On the other hand, we note that the level of 1.60 was rejected this morning and the currency has bounced above it. It is likely that it continues up until the 1.6135 fractal, which now serves as resistance. At this level we recommend selling the pair. If you look at the chart below, the trend technical indicator (brown) had shown a bearish signal level 92 when the pair was trading at 1.6320. If you follow my analyses, you might remember that it was suggested to sell below that level. So now we have a lot of caution in this level as buyers and sellers dominate the market and the pair is likely to consolidate.
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