GBP/USD Weekly and Monthly Pivot Points for May 07 - 11, 2012 2012-05-07
The pivot points chart for the GBP / USD pair for this week indicates that pivot points are set according to the weekly highs and lows of the pair as well as the close price. This chart will enable you to place Take Profits or Stop Losses. These pivot levels can serve as a trading map allowing you to know beforehand the prospect hghs and lows of the pair.
Therefore it is recommended to open short positions at the R1 level and long positions at the S1 level. If the weekly pivot is considered as a target, it can be a good strategy for swing trading. The strategy can be used in other way by opening long positions in S2 positions and short R2 weekly with S1 or R1 seen as weekly targets or to the pivot point.