The pivot points of the GBP / USD for this week are traced according to the following table shown below. The weekly chart offers availible points or areas of support or resitance levels. This chart will allow you to make decisions concerning the placement of Take profit or Stop loss orders. These pivot levels are considered as a trading map, so you will know beforehand about the possible increases and declines of the pair.
Therefore it is recommended to open the short positions at the level R1 and long positions at the level S1. If the weekly pivot is considered as a target, it may be a viable strategy for swing trading. The strategy can be used otherwise: it is possible to open long positions in S2 positions, and short R2 weekly with S1 or R1 seen as weekly targets or to the pivot point.
_____WEEKLY____
Weekly - R3 = 1.6193
Weekly - R2 = 1.6027
Weekly - R1 = 1.5935
Weekly Pivot = 1.5769
Weekly - S1 = 1.5677
Weekly - S2 = 1.5511
Weekly - S3 = 1.5419
_____MONTHLY____
Monthly - R3 = 1.6411
Monthly - R2 = 1.6202
Monthly - R1 = 1.6061
Monthly Pivot = 1.5852
Monthly - S1 = 1.5711
Monthly - S2 = 1.5502
Monthly - S3 = 1.5361
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