The British pound is a few pips above the weekly support of 1.5963 and is above the 200 day moving average periods (blue). Therefore, the pivot points indicate the following.
Once the price closes below 1.6060 (W_S1), a move towards the nearest support of 1.5901 and even the 200 day moving average periods (1.5860) is likely to be.
Above the weekly pivot the pound can resume its upward movement to the target of 1.63, but first it has to face a strong resistance from 1.6133, at this level we recommend selling the pair.
1.6069 and 1.6087 are weekly and monthly pivot points for this week for GBP/USD.
Signals for November 05 - 10, 2012
Sell if a pullback to 1.6059 (W_PV)is observed with take profit at 1.5963 and 1.5860, stop loss is above 1.6131 (W_R1).
Sell if it a pullback to 1.6131 (W_R1) is observed with take profit at 1.5963 and 1.5860, stop loss is above 1.6131 (W_R1).
____WEEKLY_____
Weekly - R3 = 1.6299
Weekly - R2 = 1.6237
Weekly - R1 = 1.6131
Weekly Pivot = 1.6069
Weekly - S1 = 1.5963
Weekly - S2 = 1.5901
Weekly - S3 = 1.5795
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_____MONTHLY____
Monthly - R3 = 1.6562
Monthly - R2 = 1.6390
Monthly - R1 = 1.6259
Monthly Pivot = 1.6087
Monthly - S1 = 1.5956
Monthly - S2 = 1.5784
Monthly - S3 = 1.5653
