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 Forecast January 24, 2012, Technical Analysis
GBP/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3