Forex4you Technical Analysis 15 March 2013

GBP/USD: bounce continues

The GBP/USD has bounced strongly from Wednesday's lows. It has continued rallying this morning and it may go even higher eventually, reaching resistance from the monthly pivot and the trend-line at 1.5310. Apart from the strength of the rebound there are no indication's yet of a reversal of the short-term down-trend: there are no price patterns and only a minor trend-line has been broken, therefore, it is still quite probable the down-trend could resume, and if we get a sudden move down to below 1.5050 then this could indicate such a resumption and re-test of the 1.4830 lows.

Analysis by: Joaquin Monfort
Forex4you analyst

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