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: 1.6184 weekly; 1.6100 monthly.
The British pound is located bellow the pivot weekly and above the Moving Average of 200 periods (blue). Therefore, the pivot points indicate the following.
It is probable that the pair will continue its downward move until the second weekly support of 1.6025; the indicators show overbought position and bullish force depletion. Therefore, it is likely that the pair will return to 1.6095 and 1.6025 support levels. In this case we recommend selling bellow weekly pivot point or buy if close above the pivot point.

Signal for 01- 05 october, 2012

Sell short  bellow 1.6184, take profit at 1.6025, stop-loss is above (W_PV).

Buy long if rebound is around 1.6025, take profit at 1.6343, stop-loss is bellow (W_S3).

Buy if close above 1.6190, take profit at 1.6343, stop-loss is 1.6095.(W_S1)

____WEEKLY_____
Weekly - R3 = 1.6413
Weekly - R2 = 1.6343
Weekly - R1 = 1.6254
Weekly Pivot = 1.6184
Weekly - S1 = 1.6095
Weekly - S2 = 1.6025
Weekly - S3 = 1.5936

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_____MONTHLY____
Monthly - R3 = 1.6858
Monthly - R2 = 1.6583
Monthly - R1 = 1.6375
Monthly Pivot = 1.6100
Monthly - S1 = 1.5892
Monthly - S2 = 1.5617
Monthly - S3 = 1.5409