By FXEmpire.com
The GBP/USD pair had a slightly bullish week over the last five sessions as it remained above the 1.58 support level. The pair currently has to contend with the 1.60 resistance level, and it is at that point that it will be judged. The 1.58 to 1.56 area is the “middle” of the larger consolidation, and a return to that area isn’t entirely unlikely at this point. We are selling on signs of weakness, unless of course we get a daily close above 1.60 as it would show resistance finally giving way. Otherwise, we think a range bound market is what we will see going forward.
GBP/USD Forecast for the Week of March 26, 2012, Technical Analysis
Originally posted here
