GBP/USD rose again on Monday as traders continue to sell off the US dollar in general. The Pound did well against the Greenback, but only marginally so. The rise was somewhat tempered by the 1.56 level, and we saw the pair pullback a bit. We are still bearish of this market overall, but think that a rise to test 1.57 again is very possible at this point.

The pair will be shorted by us if we get some kind of weak candle closer to that level, and as a result we can only sit and wait to see if we get to that level. If we close below the 1.55 level on a daily close, we are willing to go ahead and sell at that point too. We are not interested in buying presently.

GBP/USD

GBP/USD Forecast January 24, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5435
1.5476
1.5521
1.5562
1.5607
1.5648
1.5693

 Fibonacci
1.5476
1.5509
1.5529
1.5562
1.5595
1.5615
1.5648

 Camarilla
1.5542
1.5550
1.5558
1.5562
1.5574
1.5582
1.5590

 Woodie's
-
1.5477
1.5523
1.5563
1.5609
1.5649
-

 DeMark's
-
-
1.5628
-
1.5541
-
-