The pivots points chart for the GBP / USD pair for this week are placed in accordance with highs and lows and the weekly closure of the pair. This chart will enable you to place Take Profits or Stop Losses. These pivot levels can be considered as some sort of trading map allowing you to know beforehand the possible increases and declines of the pair.
Therefore it is recommended to open short positions at the R1 level and long positions at S1 level. If the weekly pivot is considered as a target, it may be a feasible strategy for swing trading. The strategy can be used in other way. In particular, it is possible to open long positions in S2 positions, and short R2 weekly with S1 or R1 as seen weekly targets or to the pivot point.
____WEEKLY_____
Weekly - R3 = 1.6127
Weekly - R2 = 1.6056
Weekly - R1 = 1.5951
Weekly Pivot = 1.5880
Weekly - S1 = 1.5775
Weekly - S2 = 1.5704
Weekly - S3 = 1.5599
_____MONTHLY____
Monthly - R3 = 1.6601
Monthly - R2 = 1.6318
Monthly - R1 = 1.6167
Monthly Pivot = 1.5884
Monthly - S1 = 1.5733
Monthly - S2 = 1.5450
Monthly - S3 = 1.5299
