Technical Analysis: GBP/USD 2012.03.13

  The pair broke below the 1.5670-1.5700 support area, right where the 50-Day SMA and the 100-Day SMA reside, thus confirming additional declines towards the 1.5500 support. A break below 1.5500 would aim the pair for testing the 1.5230 low. Only a break back above the 1.5700 level would confirm a bullish resumption towards the 200-Day SMA by 1.5870 or the 1.6000 resistance.    

Edward Smith, technical analyst of company Admiral Markets.

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