The British pound is supported above the 100 period moving average. The fact that it is trading below 1.53 level adds a bearish outlook for the pair for the next few days. Firstly, it must overcome the weekly pivot support of 1.5243, at this level the pair may bounce. Therefore, it is recommended to buy at this level only if the pair closes above the weekly pivot. On the other hand, if the price of the pound is trading below the weekly pivot, it will be the beginning of a bearish sequence until weekly support 1.5123, and after a break of this support the pair could fall to the level of the second weekly support 1.4913.
Signals for April 08 - 13, 2013
Buy if rebound is around 1.5242 with take profit at 1.5453 and stop loss is below 1.52.
Sell if it closes below 1.5242 with take profit at 1.5123 and 1.4912, stop loss is above pivot point of 1.53.
____WEEKLY_____
Weekly - R3 = 1.5783
Weekly - R2 = 1.5572
Weekly - R1 = 1.5453
Weekly Pivot = 1.5242
Weekly - S1 = 1.5123
Weekly - S2 = 1.4912
Weekly - S3 = 1.4793
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
_____MONTHLY____
Monthly - R3 = 1.5791
Monthly - R2 = 1.5525
Monthly - R1 = 1.5361
Monthly Pivot = 1.5095
Monthly - S1 = 1.4931
Monthly - S2 = 1.4665
Monthly - S3 = 1.4501