The Pivot Point (PPV) is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for GBP/USD are: 1.6234 weekly; 1.5757 monthly.
The British pound is located bellow the pivot weekly and above the Moving Average of 200 periods (blue). Therefore, the pivot points indicate the following.
It is probable that the pair will continue its downward move until the second weekly support of 1.6089; the indicators show overbought position and bullish force depletion. Therefore, it is likely that the pair will return to 1.6089 and 1.6014 support levels. In this case we recommend selling bellow weekly pivot point.
Signal For 24 - 28 September, 2012
Sell short bellow 1.6234, take profit at 1.6089, stop loss is above (W_PV).
Buy long if rebound is around 1.6089, take profit at 1.6234, stop loss is bellow (W_S2).
____WEEKLY_____
Weekly - R3 = 1.6449
Weekly - R2 = 1.6379
Weekly - R1 = 1.6304
Weekly Pivot = 1.6234
Weekly - S1 = 1.6159
Weekly - S2 = 1.6089
Weekly - S3 = 1.6014
If you would like to get this indicator, feel free to adress me via e-mail: gerardo.porras@analytics.instaforex.com
If you like my Technical analysis, please vote for me, but first, register at the portal MT5 for a vote to be valid. Thanks.
_____MONTHLY____
Monthly - R3 = 1.6446
Monthly - R2 = 1.6179
Monthly - R1 = 1.6024
Monthly Pivot = 1.5757
Monthly - S1 = 1.5692
Monthly - S2 = 1.5335
Monthly - S3 = 1.5180
