By FXEmpire.com
The GBP/USD pair fell for the Thursday session to pierce, but not breakdown, the 1.58 support level. The fact that the pair bounced towards the end of the session suggests that the bulls are going to step in and lift this pair. The 1.58 level begins the run to 1.60, and as such we suspect that the action in this pair is going to be very choppy going forward. A break above the 1.60 level on a daily close has us long of this pair, and a daily close below the 1.58 level has us short. The action between those two levels is going to be tough.
GBP/USD Forecast March 23, 2012, Technical Analysis
Originally posted here
