The British pound managed to make its upward momentum to the 1.55 area. However, as we have mentioned several days ago, this pair has a downside target which is located at the levels of 1.50. Thus, analyzing the table pivots, we can say it has a resistance of 1.5582 which is unlikely to reach this level. Before it the pound must at least reverse to the level of 1.5389. If this area is broken, the pair may be located in the area of 1.5279. Therefore, we recommend selling at the current price levels.
Signals for April 29 - May 04, 2013
Sell if pullback is around zone of 1.5582 (W_R1) with take profit at 1.5389, stop loss is above first weekly resistance.
Sell now 1.5515 in current levels of price, with take profit and 1.5389 and 1.5279, stop loss is above first weekly resistance of 1.5582.
____WEEKLY_____
Weekly - R3 = 1.5885
Weekly - R2 = 1.5692
Weekly - R1 = 1.5582
Weekly Pivot = 1.5389
Weekly - S1 = 1.5279
Weekly - S2 = 1.5086
Weekly - S3 = 1.4976
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
