GBP/USD: Weekly and monthly pivot point and signal – for July 29 – August 03, 2013
July 29, 2013 4:30 pm
The pound is under downward pressure. At the moment it is trading at 1.5358, key weekly pivot point level. A daily close below this level will be a clear bearish signal for the pair. We believe that it may press it to 1.5178 support zone. On the other hand, a bounce back or if the pair returns to trade above 1.5358, might be the last time the upward momentum to the 1.5459 area and further up to the 200-day moving average of 1.5538. On the other hand, if you look at the monthly chart, it is located at 1.5375, as the monthly pivot point. If the pair closes the day below this level it could be a chance to sell this pair with objectives to the first monthly support 1.4997. Therefore, we recommend the following trading signals that are likely to be valid.
Signals for July 29 – august 03, 2013
Sell below 1.5375 (Monthly_PV) and re-sell if it closes below 1.5358 (W_PV) with take profit orders at 1.5279 and stop loss is 50 pips above the weekly R1.
Buy if the pair rebounds around 1.5358 with take profits at 1.5459 and 1.5538 (EMA 200) and stop loss below 1.53.
The pound is under downward pressure. At the moment it is trading at 1.5358, key weekly pivot point level. A daily close below this level will be a clear bearish signal for the pair. We believe that it may press it to 1.5178 support zone. On the other hand, a bounce back or if the pair returns to trade above 1.5358, might be the last time the upward momentum to the 1.5459 area and further up to the 200-day moving average of 1.5538. On the other hand, if you look at the monthly chart, it is located at 1.5375, as the monthly pivot point. If the pair closes the day below this level it could be a chance to sell this pair with objectives to the first monthly support 1.4997. Therefore, we recommend the following trading signals that are likely to be valid.
Signals for July 29 – august 03, 2013
Sell below 1.5375 (Monthly_PV) and re-sell if it closes below 1.5358 (W_PV) with take profit orders at 1.5279 and stop loss is 50 pips above the weekly R1.
Buy if the pair rebounds around 1.5358 with take profits at 1.5459 and 1.5538 (EMA 200) and stop loss below 1.53.
____WEEKLY_____
Weekly – R3 = 1.5639
Weekly – R2 = 1.5538
Weekly – R1 = 1.5459
Weekly Pivot = 1.5358
Weekly – S1 = 1.5279
Weekly – S2 = 1.5178
Weekly – S3 = 1.5099
_____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: [email protected]
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: