Daily technical analysis GBPUSD, January 9 2013

The pound was slightly changed against the greenback in GBPUSD during European morning trade today, ahead of policy meetings by the Bank of England and the European Central Bank on Thursday, while U.K. data showed that the trade deficit narrowed in November.

The British pound marked decrease during market trading from yesterday, closing the session at the level 1.6054 levels. If the sharp decline of the pound from the last week continues, the pair would probably target to the first level of support at 1.6000 and a break through it will confirm the downward trend of GBP USD. If it goes up, the pair would face probable resistance at the 1.6200 level.

The pound was rather supported after the released official data indicated that the U.K. trade deficit decreased in November as exports outstripped imports.

Sterling was traded higher against the euro, with EURGBP reaching the level of 0.8136.

Support: 1.5826, 1.6000;
Resistance: 1.6308;

GBPUSD
GBPUSD, H4
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