Despite the presentation of the BoE Governor Mervyn King the pound did not raise its head and was pressed down in the European session. This morning it has been trading at 1.5075, above the psychological level of 1.50. Probably there is one pair consolidation at this level, and in view of this, the pair has kept downward pressure for several days. Many traders are waiting for a bounce upward to re-sell this pair. Therefore we expect the pair to reach fractal level nearby, which is in 1.5268, and if this level is broken, the strongest resistance is found in 1.5614. So you can buy at current price levels, the momentum indicator is showing bullish sign for the next few days.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
