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

GBP/USD Forecast February 16, 2012, Technical Analysis

GBP/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5582
1.5621
1.5651
1.5690
1.5720
1.5759
1.5789

 Fibonacci
1.5621
1.5647
1.5664
1.5690
1.5716
1.5733
1.5759

 Camarilla
1.5662
1.5668
1.5675
1.5690
1.5687
1.5694
1.5700

 Woodie's
-
1.5619
1.5647
1.5688
1.5716
1.5757
-

 DeMark's
-
-
1.5705
1.5682
1.5636
-
-