FX.co ★ GBP/USD intraday forecast for March 8, 2013

Pivot point: 1.5024.

Trading recommendations:

According to previous events, the price has still been trapped between 23.6% of Fibonacci retracement and 00% of Fibonacci retracement.

Long buying:

Buy above 1.4945 with a first target of 1.5075, it might resume to 1.5131.

Short selling:

Outlook -1-: Swing trade at 1.4925 in order to sell with a traget of 1.4850.

Outlook -2-: Below 1.5167 look for further downside with 1.5134 and 1.5025 targets.

Intraday technical levels:

Projected High: 1.5280

Breakout (Buy Stop): 1.5225

Strong Resistance (Sell Limit): 1.5195

Current Pivot: 1.5024

Strong Support (Buy Limit): 1.4853

Breakout (Sell Stop): 1.4828

Projected Low: 1.4778

Observations:

Stop Loss should never exceed your maximum exposure amounts.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.