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GBP/USD 27/12/12 – Fib Confluence Hit After Triple Top Rejection

GBP/USD 27/12/12 – Fib Confluence Hit After Triple Top Rejection

GBP/USD 27/12/12 – Fib Confluence Hit After Triple Top Rejection

  • 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.
  • GBP/USD is now trading at a Fibonacci confluence area comprised of the 61.8 and 38.2% Fib levels aligned around 1.6124 as per the daily chart below. 
  • Any extended downside move brings the 1.6000 round number and 61.8% Fibonacci retrace area into focus, as a tactical point of interest.
  • The 1.6300 area prior resistance high area is seen as key going forward from a technical perspective.  A breakout above this area could see increased volatility.
  • From a sentiment perspective – the market’s attention is firmly back on negotiations around the U.S. ‘fiscal cliff’.
  • In related markets the GBP/JPY pair is trading around the highest level seen since April 2011, as the Japanese yen 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.
  • A weekly pinbar/doji candle has formed showing an element of indecision.

gbpusd flag 300x80 GBP/USD 27/12/12   Fib Confluence Hit After Triple Top Rejection

GBP/USD Technical Update – 27/12/2012

gbpusd 2012 12 271 GBP/USD 27/12/12   Fib Confluence Hit After Triple Top Rejection

 

GBP/USD Forecast, Technical report, News, Outlook.

 

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