GBP/USD rose slightly for the Thursday session after first behaving very strongly. In fact, the resulting candle is a shooting star, and shows weakness going forward. The 1.58 level just below it is support however, so this could simply be the start of consolidation. The pair has risen far too quickly over the recent weeks, and a pause would be welcome by most traders.
The pair still looks strong overall, but we wish to see a pullback first before buying. The 1.57 and 1.56 levels should offer support, and we would be willing to buy supportive candles in those area. If the 1.56 gives way to the bears - we would be selling at that point as it would show a serious push back from the bears.
GBP/USD Forecast February 10, 2012, Technical Analysis
GBP/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3