The GBP/USD pair rose on Thursday as the consolidation and general choppiness of the Forex markets continues. The back and forth action is solely based upon the next headline, and this pair is one of the biggest culprits when it comes to this. The Pound is surrounded by bad news on Wednesday, and Thursday sees the algorithms in the HFT machines turn everything around. The pair looks destined to stay locked between 1.5650 and 1.59 for the time being. With this in mind, we are buying on a break of the Thursday highs.

GBP/USD

GBP/USD Forecast February 24, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5612
1.5645
1.5689
1.5722
1.5766
1.5799
1.5843

 Fibonacci
1.5645
1.5674
1.5692
1.5722
1.5751
1.5769
1.5799

 Camarilla
1.5711
1.5718
1.5725
1.5722
1.5740
1.5747
1.5754

 Woodie's
-
1.5648
1.5694
1.5724
1.5771
1.5801
-

 DeMark's
-
-
1.5782
1.5730
1.5705
-
-