The GBP/USD pair has a reasonably quiet day on Wednesday as the markets await the result of the decision by private bondholders of Greek debt. While this is mainly a European problem, the British are heavily exposed to the EU and its debt problems. Also, the Brits send 40% of their exports to the region, so what happens there is very important to the UK as a whole. With this in mind, perhaps the traders took a breather while waiting for the overly significant news coming out at 3pm EST today.
The 1.57 level is just below the market right now, and as a result we are fairly close to significant support. With this in mind, selling can't be done. In fact buying is difficult as well until we get some kind of announcement out of Europe. In the meantime, expect this pair to do little.
GBP/USD Forecast March 8, 2012, Technical Analysis
GBP/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3