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GBP/USD Forecast February 22, 2012, Technical Analysis
GBP/USD Forecast February 22, 2012, Technical Analysis
The GBP/USD pair continues to bounce around the 1.58 level, and on Tuesday saw a selloff to continue the back and forth action. The weekly chart has a shooting star from two weeks ago, and a hammer from last week. This suggests that perhaps we will find ourselves grinding away in this area, and this makes the pair difficult to trade for anything more than a scalp or short-term trade. The 1.59 level continues to offer resistance and a lid on prices, while the 1.57 level is supportive. It is based upon this that we expect the market to bounce between 1.59 and 1.57 in the near-term, and will trade it for scalps when bouncing off of these levels. Once we get a breakout in either direction - we can then assess the situation for longer-term trades.
GBP/USD Forecast February 22, 2012, Technical Analysis
GBP/USD Pivot Points (Time Frame: 1 Day)
| Name | S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1.5630 | 1.5697 | 1.5734 | 1.5801 | 1.5838 | 1.5905 | 1.5942 |
| Fibonacci | 1.5697 | 1.5736 | 1.5761 | 1.5801 | 1.5840 | 1.5865 | 1.5905 |
| Camarilla | 1.5743 | 1.5753 | 1.5762 | 1.5801 | 1.5782 | 1.5791 | 1.5801 |
| Woodie's | - | 1.5690 | 1.5720 | 1.5794 | 1.5824 | 1.5898 | - |
| DeMark's | - | - | 1.5820 | 1.5791 | 1.5716 | - | - |
