GBP/USD fell on Monday as it hit the top of the recent consolidation zone. The 1.59 level continued to push prices lower, and the market looks like it is trying to fall back into the consolidation. The bottom of the area is in the 1.5650 area, and as a result we think this pair will continue to go back and forth in between these levels, and will continue to play it as such. We are going to short this pair if we break the lows of the Monday session, and will be looking to take profits at 1.5675 or so. We cannot place any longer term trades until the area is broken out of.

GBP/USD

GBP/USD Forecast February 28, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5789
1.5810
1.5834
1.5855
1.5879
1.5900
1.5924

 Fibonacci
1.5810
1.5827
1.5838
1.5855
1.5872
1.5883
1.5900

 Camarilla
1.5845
1.5849
1.5853
1.5855
1.5862
1.5866
1.5870

 Woodie's
-
1.5811
1.5835
1.5856
1.5880
1.5900
-

 DeMark's
-
-
1.5867
1.5849
1.5822
-
-