The British pound, which was flat during the month and with a striking range of prices very closely, has not yet defined a clear trend for December. There is some encouraging data from the United Kingdom, as the revised GDP is above zero and some changes in the unemployment rate are better than expected, the pound remained largely unchanged and there no signs that it is following the steps of the euro. The pound overcame 1.60, little expected in early November. It seems it gave more strength to the pound. The currency is trading above the weekly pivot and above the 200 day moving average periods and above the psychological level of 1.60. It is likely to be a downward correction towards the support nearest 1.5960 weekly (S1). Therefore, we consider that the following signal will have validity for all this week.
1.6010 and 1.6004 are weekly and monthly pivot points for this week for GBP/USD.
Signals for December 03 - 08, 2012
Sell if pullback is at 1.6111 (W_R2) with take profit at 1.5960 and 1.5909, stop loss is above 1.5816 (W_R3).
____WEEKLY_____
Weekly - R3 = 1.6262
Weekly - R2 = 1.6111
Weekly - R1 = 1.6061
Weekly Pivot = 1.6010
Weekly - S1 = 1.5960
Weekly - S2 = 1.5909
Weekly - S3 = 1.5859
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
_____MONTHLY____
Monthly - R3 = 1.6530
Monthly - R2 = 1.6353
Monthly - R1 = 1.6181
Monthly Pivot = 1.6004
Monthly - S1 = 1.5832
Monthly - S2 = 1.5655
Monthly - S3 = 1.5483
