GBP/USD - daily technical Forecast

12 March 2010 @ 10:37 am EDT

GBP/USD closed higher due to short covering on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it resumes the decline off January's high, the 75% retracement level of 2009's rally crossing is the next downside target.

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