The British pound continues the downward pressure. This pair had an opening below the close of last week, leaving a gap that can be covered in the next few hours. This pair is trading below the first weekly support, it is likely to continue falling until below 1.5667 support, but in the table of monthly pivots this pair is trading below the 1.5751, third monthly support. It is likely that for the next session there will be an upward bounce at least until the 200 day moving average periods. So our purchasing strategy is activated only if the pair closes above the first weekly support. Therefore, we consider that the following signal will have validity for the whole week.
Signals for January 28 - February 02, 2013
Buy if the day closes above 1.5733 (W_S1) with take profit at 1.5813 and 1.5959, stop loss is below 1.5667 (W_S2).
____WEEKLY_____
Weekly - R3 = 1.6025
Weekly - R2 = 1.5959
Weekly - R1 = 1.5879
Weekly Pivot = 1.5813
Weekly - S1 = 1.5733
Weekly - S2 = 1.5667
Weekly - S3 = 1.5587
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
_____MONTHLY____
Monthly - R3 = 1.6672
Monthly - R2 = 1.6490
Monthly - R1 = 1.6365
Monthly Pivot = 1.6183
Monthly - S1 = 1.6058
Monthly - S2 = 1.5876
Monthly - S3 = 1.5751