The GBP/USD pair shot straight up during the Friday session, and through the 1.58 resistance level. The pair should be running into fairly heavy resistance at these levels, so we are looking to sell this pair between here and the 1.60 handle. We will look to the 4 hour charts for signs of exhaustion, and as we see it - sell this pair. The pair doesn't become a buy until we see a daily close above the 1.60 level, and out of all of the possibilities we don't think this happens. The Bank of England is going to have to keep easing, and this should weigh on the Pound going forward.

GBP/USD

GBP/USD Forecast March 19, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5577
1.5637
1.5741
1.5801
1.5905
1.5965
1.6069

 Fibonacci
1.5637
1.5700
1.5739
1.5801
1.5864
1.5903
1.5965

 Camarilla
1.5799
1.5814
1.5829
1.5801
1.5859
1.5874
1.5889

 Woodie's
-
1.5648
1.5762
1.5812
1.5926
1.5976
-

 DeMark's
-
-
1.5935
1.5816
1.5771
-
-