The GBP/USD pair fell during the Wednesday session, but failed to break below the 1.56 level. The pair continues to look weak as the market presses against the supportive area. The candle from the Monday session is a hammer, and we think this market needs to break the bottom of the candle in order to start selling again. The 1.55 level would be our first target, and 1.53 beyond that. If the market would bounce at this point, we are looking for weakness in order to sell form higher levels as the Dollar seems to be the most wanted currency at the moment.

GBP/USD

GBP/USD Forecast March 15, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5514
1.5574
1.5615
1.5675
1.5716
1.5776
1.5817

 Fibonacci
1.5574
1.5613
1.5636
1.5675
1.5714
1.5737
1.5776

 Camarilla
1.5628
1.5637
1.5647
1.5675
1.5665
1.5675
1.5684

 Woodie's
-
1.5569
1.5606
1.5670
1.5707
1.5771
-

 DeMark's
-
-
1.5696
1.5665
1.5594
-
-