GBP Outlook for 18 March 2011

Looking at the cable today, you can see that the bulls came back into force at the 1.60 level, a level that is absolutely vital for continued gains in this pair. As the level has held yet again, we can establish that it is indeed important support.

Looking at the recent action, we can see that a grind towards 1.63 is probably the short-term goal, with a long-term one being a retest of the 1.70 resistance area. In the short-term, be wary of any closes below the 1.5950 area, as this could show a change in the immediate trend.


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