GBPUSD forex technical analysis 31 March 2015

Cable has kept hold of the gains made just before the fix and is trying to make a break above yesterday's resistance around 1.4870

We're also in a short term channel that's worth monitoring. Up near the top here Greg has already highlighted the moving averages on the hourly chart but we also have some H4 ma's close by

GBPUSD H4 chart

The 55 and 100 h4 ma's at 1.4862 and 1.4875, along with the channel top give us a range to play in in the short term. As always, look for a confirmation of a break before getting in to heavy on a trade.

The pound is staging somewhat of a comeback as EUR/GBP carries on falling and has nearly clocked up a 100 pip range door to door. The quid has been buoyant across the board and that could set the tone after we get away from month end

A decent end to 2014 will need to be backed up by a decent start to 2015. If it is then the erasers may start to come out on those rate expectations