Video Analysis – GBP/USD March 3, 2015

The GBP/USD pair fell during the session on Monday, testing the 1.53 region. However, we are just above that area and as a result it’s not quite ready to sell yet. However, if we get below the 1.53 level, I feel that this market will then find its way down to the 1.50 level, the most recent major swing low. This is an area that I believe will be massively important as far as support is concerned though, so I do not anticipate a break down below that level. In fact, I think that we will continue to bounce around between the 1.50 handle and the 1.55 handle over the next several weeks, but most certainly favor the downside.

Ultimately, I feel that there is simply far too much in the way of resistance above the 1.55 level for this market to make any serious headway to the upside, and therefore I’m looking to sell rallies as they appear. I think that ultimately this market will try to find the bottom near the 1.50 handle, but it is going to be some time before that happens. I look to short-term charts for selling opportunities.