FX.co ★ GBP/USD Bearish Outlook - For January 2, 2013 (Daily Strategy)

The British pound had an opening above the resistance and psychological level of 1.63. The key now will be seen if it can consolidate above this level. The confirmation of the break of this resistance will be made with a weekly close above 1.6315. It will be the beginning of a new sequence upward to the level of 1.65 and higher up to 1.70. In case it does not reach it, we must be attentive to signs of correction. Since we expect the pound to cover the gap left at 1.6240, we remain bearish with a stop loss at 1.6360 resistance level in the past. Our target will be placed at 1.6135 level, daily fractal.

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