The pound sterling recovering lost ground, without much conviction. For now it has managed to break 1.52 area, but it found strong resistance at 1.5236, trendline. The indicators, however, are likely to encourage the British currency continue to gain positions in the American session. Given that the weekly pivot is located in this area, we should expect a daily close above that level, so we can buy this pair. The first upside target is in the area of 1.54. On the other hand, below the point weekly pivot we expect a fall to 1.5088 support.

Signals for May 20 - 25, 2013

Sell if it pulls back and sell below 1.5236 (W_PVV) with take profit orders at 1.5088 and 1.5009, stop loss is above the first weekly resistance.

Buy if it closes the daily charts above 1.5240, with take profit in the zone of 1.5463, stop loss is below 1.5170.

____WEEKLY_____
Weekly - R3 = 1.5542
Weekly - R2 = 1.5463
Weekly - R1 = 1.5315
Weekly Pivot = 1.5236
Weekly - S1 = 1.5088
Weekly - S2 = 1.5009
Weekly - S3 = 1.4861

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_____MONTHLY____
Monthly - R3 = 1.6257
Monthly - R2 = 1.5912
Monthly - R1 = 1.5722
Monthly Pivot = 1.5377
Monthly - S1 = 1.5187
Monthly - S2 = 1.4842
Monthly - S3 = 1.4652