FX.co ★ GBP/USD Weekly Analysis for July 30 - 03 August, 2012 (Weekly Strategy)

The Pivot Point (PPV) is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for GBP/USD are: 1.5658 weekly; 1.5582 monthly.
The British pound is located above the pivot weekly and above the Moving Average of 200 periods (blue).
Therefore, the pivot points indicate the following:

A daily close above the moving average of 200 periods could be a buy signal. On the other hand, a rebound of the weekly pivot 1.5645 will give the opportunity to buy again for the objectives of the resistance nearest 1.5857. But if the pair breaks the weekly pivot zone 1.5645, it could start a fall of the pair to 1.5547 weekly support. That will give us the opportunity to buy the pair at very low prices in the medium term objectives until 1.5968.

____WEEKLY_____
Weekly - R3 = 1.6167
Weekly - R2 = 1.5968
Weekly - R1 = 1.5857
Weekly Pivot = 1.5658
Weekly - S1 = 1.5547
Weekly - S2 = 1.5348
Weekly - S3 = 1.5237

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