The British pound earlier this week was located below the weekly pivot point of 1.5015, given that this morning it is showing a modest recovery from the last week’s downtrend, it is likely to try to break the resistance of 1.50, the psychological level. Taking into account that we are in a downtrend now, we can expect that the rebound to this level is a sell signal with objectives at the level of 1.4729, the first weekly support. On the other hand, if the pair’s daily chart closed above the 1.5015 area, the up move could extend to 1.5172 levels. Therefore, you can wait until these levels to make a decision. Therefore, we recommend the following trading signals that are likely to be valid during the current.
Signals for July 08 - 13, 2013
Sell if it pulls back around 1.5015 (W_PPV) with take profit orders at 1.4729, stop loss is above 50 pips above the pivot point.
Buy if close above 1.5015 (W_PPV) with take profit at 1.5172, and 1.5458, stop loss below of 1.50
____WEEKLY_____
Weekly - R3 = 1.5615
Weekly - R2 = 1.5458
Weekly - R1 = 1.5172
Weekly Pivot = 1.5015
Weekly - S1 = 1.4729
Weekly - S2 = 1.4572
Weekly - S3 = 1.4286
_____MONTHLY____
Monthly - R3 = 1.6175
Monthly - R2 = 1.5964
Monthly - R1 = 1.5586
Monthly Pivot = 1.5375
Monthly - S1 = 1.4997
Monthly - S2 = 1.4786
Monthly - S3 = 1.4408
If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com
