GBP/USD rose again on Monday as the bulls came back into the market. However, we are very close to serious resistance at the 1.59 to 1.60 area, and this should continue to push prices lower when approached.

The candle closed towards the top of the daily session, so we think that is a serious attempt to break out of the recent range. However, the overall trend from years ago is still down. The selling of this pair will be done as soon as we see some kind of weakness, especially if we see it close to the 1.60 level. Buying isn't a thought until we see a daily close above the 1.60 handle.

GBP/USD

GBP/USD Forecast March 20, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5730
1.5776
1.5823
1.5869
1.5916
1.5962
1.6009

 Fibonacci
1.5776
1.5811
1.5833
1.5869
1.5904
1.5926
1.5962

 Camarilla
1.5844
1.5852
1.5861
1.5869
1.5878
1.5887
1.5895

 Woodie's
-
1.5776
1.5823
1.5869
1.5916
1.5962
-

 DeMark's
-
-
1.5939
1.5880
1.5846
-
-