FX.co ★ GBP/USD: weekly and monthly pivot point and signal for July 01 - 06, 2013

The British pound is trading above the 1.52 level, this level is a strong support as in previous months it served to define the trend of the pair in the short term. Given that now it is trading around 1.5218, it means that it could continue the upward trend to the level of weekly pivot point of key level 1.5283. A daily close above this level will increase the probability of an upward movement to the level of 1.5400 and 1.5598 (W_R2). On the other hand, pivots of the monthly chart, the level of 1.5375 is the equilibrium point, so it would be good to wait until this level to sell medium-term objectives to 1.4997. (M_S1). Therefore, we recommend the following trading signals that are likely to be valid all this week.

Signals for July 01 - 06, 2013

Sell if it pulls back around 1.5283 (W_PPV) with take profit orders at 1.5089, stop loss is above 50 pips above the pivot point.

Buy if close above 1.5285 (W_PPV) with take profit at 1.5404, and 1.5598, stop loss below of 1.5200

____WEEKLY_____
Weekly - R3 = 1.5719
Weekly - R2 = 1.5598
Weekly - R1 = 1.5404
Weekly Pivot = 1.5283
Weekly - S1 = 1.5089
Weekly - S2 = 1.4968
Weekly - S3 = 1.4774

_____MONTHLY____
Monthly - R3 = 1.6175
Monthly - R2 = 1.5964
Monthly - R1 = 1.5586
Monthly Pivot = 1.5375
Monthly - S1 = 1.4997
Monthly - S2 = 1.4786
Monthly - S3 = 1.4408

If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com