The British pound is trading below the weekly pivot 1.5277. The rebound is likely to continue to test the strength of the pivot point. Our outlook remains bearish below the second weekly resistance, because last week the rating agency Fitch downgraded AAA rating of the United Kingdom by one notch to AA + due to the weak growth of the UK economy. Analyzing this perspective, it is more likely that the pound sterling will find support at 1.5170 and in the short term in the third weekly support around 1.5002.
Signals for April 22 - 27, 2013
Buy if it closes above 1.5280 with take profit at 1.5338, stop loss is below weekly pivot.
Sell below 1.5277 with take profit at 1.5170 and 1.5002, stop loss is above second resistance at 1.5445.
____WEEKLY_____
Weekly - R3 = 1.5506
Weekly - R2 = 1.5445
Weekly - R1 = 1.5338
Weekly Pivot = 1.5277
Weekly - S1 = 1.5170
Weekly - S2 = 1.5109
Weekly - S3 = 1.5002
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
_____MONTHLY____
Monthly - R3 = 1.5791
Monthly - R2 = 1.5525
Monthly - R1 = 1.5361
Monthly Pivot = 1.5095
Monthly - S1 = 1.4931
Monthly - S2 = 1.4665
Monthly - S3 = 1.4501
