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: 1.5693 weekly; 1.5582 monthly.
The British pound is located near the pivot weekly and below the Moving Average of 200 periods (blue). Therefore, the pivot points indicate the following:
A daily close below the weekly pivot increases the downward pressure. On the other hand, it is possible that the pair will try to break 1.5749 resistance again, so we recommend selling only if the pair fails in the attempt to exceed that level.

Signal For 20 - 24 August 2012

Sell short at 1.5740 or sell below 1.5693, take profit at 1.56.40 and 1.5585, Stop Loss is above weekly resistance of 1.5749.

____WEEKLY_____
Weekly - R3 = 1.5858
Weekly - R2 = 1.5802
Weekly - R1 = 1.5749
Weekly Pivot = 1.5693
Weekly - S1 = 1.5640
Weekly - S2 = 1.5584
Weekly - S3 = 1.5531

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_____MONTHLY____
Monthly - R3 = 1.6210
Monthly - R2 = 1.5989
Monthly - R1 = 1.5834
Monthly Pivot = 1.5613
Monthly - S1 = 1.5458
Monthly - S2 = 1.5237
Monthly - S3 = 1.5082