07.05.201310:25 Forex Analysis & Reviews: GBP/USD - Weekly and monthly pivot points and signals, for May 06 - 11, 2013

Long-term review

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The British pound is trading above the weekly pivot of 1.5548. We believe that if the pair finds support above this level, it is likely that the first weekly resistance will push the pair towards 1.5629 low. It has been rather overbought for several days and in the long term this pair has bearish outlook. Therefore, if in the course of the week the pair closes below 1.5548 weekly pivot, we recommend selling to the first weekly support 1.5492, and finally to the third weekly support 1.5355.

Signals for May 06 - 11, 2013

Sell if it closes below 1.5548 (W_PVV) with take profit orders at 1.5492 and 1.5355, stop loss is above first weekly resistance.

____WEEKLY_____
Weekly - R3 = 1.5766
Weekly - R2 = 1.5685
Weekly - R1 = 1.5629
Weekly Pivot = 1.5548
Weekly - S1 = 1.5492
Weekly - S2 = 1.5411
Weekly - S3 = 1.5355

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

_____MONTHLY____
Monthly - R3 = 1.6257
Monthly - R2 = 1.5912
Monthly - R1 = 1.5722
Monthly Pivot = 1.5377
Monthly - S1 = 1.5187
Monthly - S2 = 1.4842
Monthly - S3 = 1.4652

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