GBP/USD rose during the session on Tuesday as traders decided to take on a bit more risk. However, the pair is at the top of the recent consolidation, and as a result caution should be taken. The 1.59 area has been very resistive, and the area certainly goes all the way to 1.60 as it is a large round number. The pair did manage to bounce from a higher level this time, but at present - this chart could be too messy to buy. We would be more comfortable selling weak candles on a daily close. However, if we close above the 1.60 level at the end of the day we would be buying as it would show real strength.

GBP/USD

GBP/USD Forecast February 29, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5841
1.5847
1.5852
1.5858
1.5863
1.5869
1.5874

 Fibonacci
1.5847
1.5851
1.5854
1.5858
1.5862
1.5865
1.5869

 Camarilla
1.5854
1.5855
1.5856
1.5858
1.5859
1.5860
1.5861

 Woodie's
-
1.5847
1.5852
1.5858
1.5863
1.5869
-

 DeMark's
-
-
1.5866
1.5860
1.5855
-
-