Last week the British pound managed to stop its fall above the psychological level of 1.50. The market seems to be a little confused right now, but the level of 1.50 is the most attractive number, so a closure on daily charts will be a sign of a new sequence bearish. Given that today the pair is trading below the weekly pivot point, we recommend selling at current price levels, or if the pair attempts a pullback to the 1.5139 area we can let an entry order to sell, with goals in the first weekly support of 1.4997 in the short term; and further down until the second week of 1.4872 support.
Signals for May 27 - 31, 2013
Sell if it pulls back and sell below 1.5139 (W_PVV) with take profit orders at 1.4997 and 1.4872, stop loss is above 50 pips above the weekly pivot point.
____WEEKLY_____
Weekly - R3 = 1.5531
Weekly - R2 = 1.5406
Weekly - R1 = 1.5264
Weekly Pivot = 1.5139
Weekly - S1 = 1.4997
Weekly - S2 = 1.4872
Weekly - S3 = 1.4730
_____MONTHLY____
Monthly - R3 = 1.6257
Monthly - R2 = 1.5912
Monthly - R1 = 1.5722
Monthly Pivot = 1.5377
Monthly - S1 = 1.5187
Monthly - S2 = 1.4842
Monthly - S3 = 1.4652
If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com