Last week the British Pound met with strong resistance at 1.63 level and could not overcome it. This week is below the weekly pivot and likely to continue declining to the 1.6110 support. This level is key, below that level the pair could fall to 1.60 psychological level. Therefore, we consider that the following signal will have validity for the whole week.
Signals for December 24 - 29, 2012
Sell if pullback is at 1.6268 (W_R1) with take profit at 1.6113, stop loss is above 1.6365 (W_R2).
Buy if rebound is around at 1.6113 (W_S1) with take profit at 1.6210 and 1.6268, stop loss is bellow 1.6055 (W_S2).
____WEEKLY_____
Weekly - R3 = 1.6423
Weekly - R2 = 1.6365
Weekly - R1 = 1.6268
Weekly Pivot = 1.6210
Weekly - S1 = 1.6113
Weekly - S2 = 1.6055
Weekly - S3 = 1.5958
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
_____MONTHLY____
Monthly - R3 = 1.6530
Monthly - R2 = 1.6353
Monthly - R1 = 1.6181
Monthly Pivot = 1.6004
Monthly - S1 = 1.5832
Monthly - S2 = 1.5655
Monthly - S3 = 1.5483