GPB/GPY Weekly Technical Report 31/12/2012 – 4/1/2013

The pair continued rising to fulfill expectations in our previous reports. Nonetheless, this week`s trading kicked off in areas relatively close to 161.8% Fibonacci of the bullish Harmonic Bat Pattern; this level is a key resistance near the psychological barrier 140.00. Stochastic and Relative Strength Index are showing overbought signals, therefore, we perform neutrality in our weekly report . We await fresh and clearer signs as we monitor how the pair acts around 139.90-140.00.

The trading range expected for this week is between the key support at 135.40 and the key resistance at  144.90.

The short-term trend is to the downside targeting 112.00 as far as 150.00 remains intact.

Support 138.40 137.85 137.50 136.85 136.00

Resistance 138.95 139.90 140.60 141.00 141.85

Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move