GBP/USD fell for most of the session on Tuesday to form a bearish and red candle. However, the pop at the end of the day also made a bit of a hammer. It is at the top of the recent range, so the candle can be a great signal of continued pressure to the upside. If we get above the 1.60 level on a daily close, we would be buyers of this pair. The overall sentiment in our opinion is bearish, so a break of the bottom of the candle would turn it into a hanging man, and we will not hesitate to sell it.

GBP/USD

GBP/USD Forecast March 21, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5777
1.5804
1.5842
1.5869
1.5907
1.5934
1.5972

 Fibonacci
1.5804
1.5829
1.5844
1.5869
1.5894
1.5909
1.5934

 Camarilla
1.5863
1.5869
1.5875
1.5869
1.5886
1.5892
1.5898

 Woodie's
-
1.5807
1.5848
1.5872
1.5913
1.5937
-

 DeMark's
-
-
1.5921
1.5876
1.5856
-
-