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: 1.5801 weekly; 1.5582 monthly.
The British pound is located near the pivot weekly and above 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 the weekly resistance of 1.5923.

Signal For 27 - 31 August, 2012

Sell short  bellow 1.5801, take profit at 1.5688 , Stop Loss is above weekly pivot of 1.5801.

Buy long, if close above 1.5801, take profit 1.5923 and 1.6023, stop loss at 1.5680.

 ____WEEKLY_____
Weekly - R3 = 1.6158
Weekly - R2 = 1.6036
Weekly - R1 = 1.5923
Weekly Pivot = 1.5801
Weekly - S1 = 1.5688
Weekly - S2 = 1.5566
Weekly - S3 = 1.5453

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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