The British pound is trading below the weekly pivot and is approaching the 200 period moving average. The moving average is 1.5850 level, the first weekly support is located at 1.5843, both levels are very strong support. We have entered the sequence of price on the chart. If it falls to this level, we can buy at a cheap price to sell at 1.60 level. On the other hand, a weekly close below the moving average and below weekly support (W_S1) will invalidate our bullish outlook and the pair could fall to 1.5698 support. Therefore, we suppose that the following signal will have validity for all this week.
1.5942 and 1.6087 are weekly and monthly pivot points for this week for GBP/USD.
Signals for November 12 - 17, 2012
Buy long if it closes above 1.5942 (W_PV) with take profit at 1.5997 and 1.6097, stop loss is below 1.5843 (W_S1).
Buy if it rebounds around 1.5850 (W_S1) with take profit at 1.5942 and 1.5997, stop loss is below 1.5843 (W_S1).
____WEEKLY_____
Weekly - R3 = 1.6151
Weekly - R2 = 1.6096
Weekly - R1 = 1.5997
Weekly Pivot = 1.5942
Weekly - S1 = 1.5843
Weekly - S2 = 1.5788
Weekly - S3 = 1.5689
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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
