The GBP/USD pair fell hard on Tuesday as the risk off trade came back into play. There is serious concern about whether or not there will be enough participation in the voluntary debt write downs by bondholders of Greek debt. The reality is the alternative is going to be horribly painful, so the odds are that we will get it. However, we won't know it until 3 pm EST on Thursday. Because of this, the markets are taking a well-needed breather, and the 1.57 level below is more than likely going to be where we see buyers try to step back into this pair. The 1.55 and 1.53 levels below also look like they may attract them as well. We aren't interested in selling because of this, and as a result - we are going to lay low at this point in time.

GBP/USD

GBP/USD Forecast March 7, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5513
1.5604
1.5666
1.5757
1.5819
1.5910
1.5972

 Fibonacci
1.5604
1.5663
1.5699
1.5757
1.5816
1.5852
1.5910

 Camarilla
1.5685
1.5699
1.5713
1.5757
1.5741
1.5755
1.5769

 Woodie's
-
1.5597
1.5651
1.5750
1.5803
1.5903
-

 DeMark's
-
-
1.5788
1.5742
1.5635
-
-