The British pound sterling has consolidated its position in the area of 1.5580/1.5560. This pair is in the area of great resistance, and the technical indicator is positioning for a
drop of the pair as well, which has its first support at 1.5460 and 1.5280 (daily fractal). The breakdown of the latter could press to 1.50 level. On the other hand, the rise is unlikely because the level of 1.5589 is strong resistance. I expect a weekly close above 1.56 and according to my bearish outlook, the sterling will change so I recommend selling the pair below 1.56 while waiting for a new trend which is likely to persist this month.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
