The GBP/USD pair took off during the session on Thursday as the risk on trade came back into vogue. The 1.58 level has been violated, but quite frankly it is just an average price for the pair. The real areas to pay attention to are the 1.5650 and 1.60 levels. The pair will continue to be consolidative going forward, and as such we think that this pair will be very choppy and short-term oriented in the near-term. The market does look as if it favors the upside, as the most recent low is slightly higher than the previous ones. We are going to wait until the session is over today in order to make a decision going forward, as the pair is in the center of the range.

GBP/USD

GBP/USD Forecast March 9, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.5670
1.5710
1.5754
1.5794
1.5838
1.5878
1.5922

 Fibonacci
1.5710
1.5742
1.5762
1.5794
1.5826
1.5846
1.5878

 Camarilla
1.5775
1.5783
1.5790
1.5794
1.5806
1.5813
1.5821

 Woodie's
-
1.5711
1.5756
1.5795
1.5840
1.5879
-

 DeMark's
-
-
1.5816
1.5783
1.5732
-
-