Every month City Index looks at the current financial markets to provide authority forecasts, giving us a valuable insight into an effective trading strategy in the months to come.

This month, their expert analysts are offering a mixture of bullish and bearish opinions on the financial markets, and the following is a snapshot of their predictions for March 2015.

Ashraf Laidi – GBP/USD, bullish

Developing further from his bullish prediction for February 2015, Ashraf Laidi forecasts GBP/USD advances, along with an increase towards its objective of $1.5575. Could the pair rise for the fourth time over the past five weeks? It’s looking like a strong possibility, and depending on what March brings we could well be seeing the 38% retracement level of the decline to January’s low.

Emily Fowler

Federal Chair Janet Yellen’s recent comments that suggested the Fed would not be rushing to raise interest rates for the time being are likely to be a part of it, along with an improvement in UK dynamics such a budget balance that’s improving and the results of manufacturing and construction PMIs.

James Chen – EUR/USD, bearish

James Chen looks at the EUR/USD pair, including the low extreme of $1.1100 in late January (in fact a new eleven year low) and the bearish downtrend over the month of February. Despite a long-term high of almost $1.4000 in May 2014, the pair is now more than 20% lower because of January’s low. February did bring a high of $1.1533 compared to January, but what does this mean for EUR/USD for March?

The current consolidation of lows for the pair, along with a downside trend that continues to fall, add up to a bearish picture in the immediate future, not helped in the slightest by the current weakness in the EUR and only average strength in the USD. Looking forward to March, we could be seeing more of the same, or an even bigger drop below long-term lows.

Kara Ordway – GBP/CAD, bullish

With the USD recommencing a bullish run following three weeks of consolidation, Kara Ordway examines ways that we can take advantage of a possible turning point. Compared to other pairs involving the US dollar, such as EUR/USD and AUD/USD, GBP/CAD seems less crowded. Currently sitting close to June 2009 highs of 1.9311, the pair shows reasonably good resistance, but does this mean it will continue an upward trend in March?

Kara looks at the issues that are adding pressure to the CAD, like lowering oil prices and a struggling economy, to predict whether GBP/CAD can head above the 1.9700 level.

Kelvin Wong – US SP 500, bearish

Kelvin Wong looks at the US SP 500 figures, including the long-term ascending channel and the long-term RSO oscillator, in order to forecast the market for March. Despite an uptrend over a number of months, the SP 500 seems to be nearing a key long-term resistance at 2140/2170.

Looking at the monthly, weekly and daily time frames gives an interesting picture of limited upside potential below 2140/2170, and Kelvin offers the 2335 level as the possible bullish exit target.

Further details for the March predictions for each of these markets in full can be found here.