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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Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!