The pound without much pressure has a downward direction against the dollar, but without defining its route to the American session. The sharp rise in the British currency observed last week was derived from fundamental UK data. The currency has not yet suffered a major correction and the same could take place during the next few hours, with the main stand at 1.5426, which is the weekly pivot point. This area could push the pound again to seek higher levels of quote or to make a triple top, for a confirmation of trend change. On the other hand, if the pair closes below the weekly pivot point of 1.5426, it would be a bearish signal with objectives to 1.5055.
Signals for August 12 - 17, 2013
Buy if the pair rebounds around 1.5426 with take profits at 1.55 and 1.5649 (W_R1) and stop loss below 1.54.
Sell if it closes below 1.5426 (W_PV) with take profit orders at 1.5278 and 1.5055 and stop loss above 1.55.
____WEEKLY_____
Weekly - R3 = 1.6020
Weekly - R2 = 1.5797
Weekly - R1 = 1.5649
Weekly Pivot = 1.5426
Weekly - S1 = 1.5278
Weekly - S2 = 1.5055
Weekly - S3 = 1.4907
_____MONTHLY____
Monthly - R3 = 1.6115
Monthly - R2 = 1.5775
Monthly - R1 = 1.5491
Monthly Pivot = 1.5151
Monthly - S1 = 1.4867
Monthly - S2 = 1.4527
Monthly - S3 = 1.4243
If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com
