Pound/Dollar – Triple Top Technical Rejection – Fiscal cliff In Focus
December 27, 2012 in Forex Fundamentals and News
Pound/Dollar – Triple Top Rejection – Fiscal cliff In Focus
- As noted in our recent updates the pound/dollar currency pair has now failed on three separate attempts to break sustainably through the 1.6300 area. The 1.6300 area triple-top rejection has now seen an extended follow through over the recent trading sessions.
- Market participants attention is now firmly back on negotiations around the so called U.S. ‘fiscal cliff’. Barack Obama – the US President – has cut his vacation in Hawaii short and is flying to Washington in order to continue negotiations and attempt to reach a deal.
- In related markets the sterling/yen pair is trading around the highest level seen since April 2011, as the JPY has experienced further depreciation and continues to broadly under perform. EUR/GBP is trading above the recent 0.8164 range resistance highs as the EUR/USD has held relatively firm while cable moved lower.
GBP/USD Technical Update – 27/12/2012