FX.co ★ Technical analysis of GBP/USD for January 2, 2013

GBP/USD: tight sideway range on January 2, 2013.

• Overview:
• Due to the upcoming Christmas and New Year's holidays, the trading working hours of many major financial centers was changed, which affected the trading of the GBP/USD pair notably, because the market was not stable and the trend was not clear. Consequently, the market will probably start showing the signs of tight sideway range on January 2, 2013. Thus, the GBP/USD pair will be restricted by the levels of 1.6450 and 1.6603. So it is of the foresight to pay attention to this area. Therefore, try to buy at a lower price around the weekly pivot point at the price of 1.6457 with a first target of 1.6577 and it willl climb towards 1.6660 but if the pair is able to break the weekly resistance 1 at the 1.6600 level.