GBP/USD fell on Monday as it hit the top of the recent consolidation zone. The 1.59 level continued to push prices lower, and the market looks like it is trying to fall back into the consolidation. The bottom of the area is in the 1.5650 area, and as a result we think this pair will continue to go back and forth in between these levels, and will continue to play it as such. We are going to short this pair if we break the lows of the Monday session, and will be looking to take profits at 1.5675 or so. We cannot place any longer term trades until the area is broken out of.
GBP/USD Forecast February 28, 2012, Technical Analysis
Originally posted here
