Tue, 21 Aug 2012 07:40:58 GMT
GBP/USD faces strong resistance at 1.5737/69
Bulls are once again challenging a formidable resistance zone at 1.5737/69, which includes the 200 day SMA; but their attempts are more likely to fail than succeed, as the currency couple was unable to overcome the 200 day SMA for more than two and a half months, implying that bearish outlook on GBP/USD persists. Accordingly, the Sterling is anticipated to