a href=http://www.fxempire.com/currencies/gbp-usd/>GBP/USD rose at first during the session on Wednesday as the positive outlook for a potential working agreement in Europe boosted the markets overall. The move was quickly turned around later in the session as the EU announced that the decision to bail out the Greeks was going to be postponed yet again due to unfinished points in the plan that the Troika asked for.
Because of this, the risk off trade came back, and the move down began. The resulting candle for the session was a shooting star, and this looks like a market that is about to fall lower. The breaking of the Tuesday lows would signal another sell signal for us. We are not buying the cable at the moment as the weekly candle from last week was a bearish shooting star as well.
GBP/USD Forecast February 16, 2012, Technical Analysis
GBP/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3