Last week, the British Pound was trading below the weekly pivot. According to our table pivots the British Pound has found support right at the first weekly support. (1.5643) So now we recommend you to consider the support and resistance levels. 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 highs 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.

____WEEKLY_____

Weekly - R3 = 1.6016
Weekly - R2 = 1.5931
Weekly - R1 = 1.5799
Weekly Pivot = 1.5714
Weekly - S1 = 1.5582
Weekly - S2 = 1.5497
Weekly - S3 = 1.5365

_____MONTHLY____
Monthly - R3 = 1.6920
Monthly - R2 = 1.6610
Monthly - R1 = 1.6423
Monthly Pivot = 1.6113
Monthly - S1 = 1.5926
Monthly - S2 = 1.5616
Monthly - S3 = 1.5429

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