The British pound is touching right now its highest level since June 26, because certain events in the UK have changed the outlook of the British currency in the short term, yet it is still exhibiting a downtrend in the face the coming months. However, observing the graph of weekly pivot levels it was noticed that the sterling is at a key level, 1.5352 which is the first weekly resistance, and 1.5375 is the monthly pivot point. This area is a strong roof level, so it is more likely that from this level the pair declines to support level of 1.5191, and if this area is broken, to the key 1.4941 level in the short term. Therefore, we recommend the following trading signals that are likely to be valid.
Signals for July 22 - 27, 2013
Sell below 1.5375 (M_PPV) and re-sell if closes below 1.5191 (W_PV), with take profit orders at 1.5191, stop loss is 50 pips above the monthly pivot point.
____WEEKLY_____
Weekly - R3 = 1.5602
Weekly - R2 = 1.5441
Weekly - R1 = 1.5352
Weekly Pivot = 1.5191
Weekly - S1 = 1.5102
Weekly - S2 = 1.4941
Weekly - S3 = 1.4852
_____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
