The British pound remains very bullish. It seems that for next year it can get listed in the range 1.70 to 1.75. If this were the case, it should continue rising against the U.S. dollar. This may be based on the idea that the Bank of England has been very stubborn about the expansion of its monetary policy. According to our analysis of pivots, this week the pound is above the 1.6146 pivot point and it is likely to continue rising until the next resistance above 1.6226 and to 1.6285. Moreover, the level of 1.63 is the key point of this level over the expected start of a new sequence can be extended upward to 1.70. Therefore, we consider that the following signal will have validity for the whole week.
Signals for December 31, 2012 - January 05, 2013
Buy if it rebounds around 1.6146 or buy above 1.6146 with take profit at 1.6210 and 1.6268, stop loss is bellow 1.6146 (W_PPV).
Sell if it closes bellow 1.6146 (W_PPV) with take profit at 1.6087 and 1.6007, stop loss is above pivot point 1.6146.
____WEEKLY_____
Weekly - R3 = 1.6365
Weekly - R2 = 1.6285
Weekly - R1 = 1.6226
Weekly Pivot = 1.6146
Weekly - S1 = 1.6087
Weekly - S2 = 1.6007
Weekly - S3 = 1.5948
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
