According to Pivots table, on the graph we can see the levels that are valid for all this week. The Pound Sterling is trading above the weekly pivot and above the 200 day moving average periods.
If you remember, last week I mentioned that if the pair is trading above this level, there could be a return to the upward movement, so this week we can expect a movement of the pair to the psychological level of 1.60. On the other, the pair is likely to go back to the level of the 200 EMA (blue). It will be an opportunity to buy the pair at low prices, with objectives to R_S3. level as seen on the graph.
1.5874 and 1.6087 are weekly and monthly pivot points for this week for GBP/USD.
Signals for November 19 - 24, 2012
Buy if it rebounds around 1.5857 (W_S1) with take profit at 1.5921 and 1.6010, stop loss is below 1.5832 (W_S1).
Buy long if it closes above 1.5921 (R_S1) with take profit at 1.5963 and 1.6010, stop loss is below 1.5832 (W_S1).
____WEEKLY_____
Weekly - R3 = 1.6010
Weekly - R2 = 1.5963
Weekly - R1 = 1.5921
Weekly Pivot = 1.5874
Weekly - S1 = 1.5832
Weekly - S2 = 1.5785
Weekly - S3 = 1.5743
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_____MONTHLY____
Monthly - R3 = 1.6562
Monthly - R2 = 1.6390
Monthly - R1 = 1.6259
Monthly Pivot = 1.6087
Monthly - S1 = 1.5956
Monthly - S2 = 1.5784
Monthly - S3 = 1.5653