The British pound is trading below the weekly pivot of 1.6101, with a downward trend. Technical indicators are showing a bearish sequence until weekly support level 1.6024 and the psychological level of 1.60. If these levels are broken, is expected to drop to the next support of 1.5916. On the other hand, above the pivot point, can add strength to the pound, and contribute to levels of 1.6209, first weekly resistance 1.6286 (W_R2) and the psychological level of 1.63. Therefore, we consider that the following signal will have validity for the whole week.

Signals for January 14 - 19, 2013

Buy if the day closes above 1.6101 (W_PPV) with take profit at 1.62.09 and 1.6286, stop loss is below 1.60 (W_S1).

Sell if the day below closes 1.6101 (W_PPV) with take profit at 1.6024 and 1.60, stop loss is above 1.6160.

____WEEKLY_____
Weekly - R3 = 1.6394
Weekly - R2 = 1.6286
Weekly - R1 = 1.6209
Weekly Pivot = 1.6101
Weekly - S1 = 1.6024
Weekly - S2 = 1.5916
Weekly - S3 = 1.5839

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_____MONTHLY____
Monthly - R3 = 1.6672
Monthly - R2 = 1.6490
Monthly - R1 = 1.6365
Monthly Pivot = 1.6183
Monthly - S1 = 1.6058
Monthly - S2 = 1.5876
Monthly - S3 = 1.5751