The British pound is trying to consolidate above the psychological level of 1.60, since last Friday the 1.60 level is offering strong support. In view of this, we believe that the pair will try again to test the strength of this support, and, if rejected, the rebound will propel up the key point we expect to happen, the level of 1.6135, daily fractal level. In this area, we will leave a Sell order, waiting for the pair to break the 1.60 level, and go down to the 1.5963 fractal. Therefore, we recommend selling the pair at resistance levels. Our stop loss should be placed at 1.6180. Or, if the pair closes above 1.6150, we will close all our Sell positions. The technical indicator is showing a likely pullback.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
