The GBP/USD pair rose for the session on Thursday as the 1.5650 level continued to hold as support. The pair looks weak overall, but it doesn't seem quite ready to fall yet. The level could provide a bounce, but we look at that as a possible selling opportunity. The 1.58 will continue to be resistive, and the 1.60 even more so. The breaking below on a daily close of the 1.5650 level would be a signal to sell, aiming for 1.55 and 1.53 respectively. We prefer selling, and cannot see buying until the 1.60 level is overrun.

GBP/USD

GBP/USD Forecast March 16, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5544
1.5589
1.5648
1.5693
1.5752
1.5797
1.5856

 Fibonacci
1.5589
1.5629
1.5653
1.5693
1.5733
1.5757
1.5797

 Camarilla
1.5679
1.5688
1.5698
1.5693
1.5717
1.5727
1.5736

 Woodie's
-
1.5593
1.5656
1.5697
1.5760
1.5801
-

 DeMark's
-
-
1.5775
1.5704
1.5671
-
-