Technical analysis GBP/USD 3 January 2013

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Concerns, noted in the last comment, that a strong resistance in the 1.6380/30 price area will cause a rollback, were not in vain. Trade fell down and now the pair is trading at 1.6230/20 levels. However, the indicators that continue to point to the continued benefit of “bullish” sentiment, suggest to stick to growth expectations. Obviously, in this situation, the probability of raising the level of 1.6420/30 – line marking the side corridor resistance (red line), formed in August 2009, remains relevant. Abolition of “bullish” outlook will drop the price (fixed) below, of the same 1.6140/00 support range.

GBP/USD - 03.01.13

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