Forex: GBP/USD breaks 1.63 ahead of House vote
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GBP/USD
FXstreet.com (San Francisco) - GBPUSD broke above the triple top at 1.6300 key resistance this afternoon in Asia to extend as high as 1.6350, a level not seen since August 2011, as the safe haven dollar is weaker across the board on optimism over a 'fiscal cliff' deal.
The U.S. House of Representatives is expected to vote on the Senate's "fiscal cliff" bill at 11.15pm ET (04:15GMT), and market participants seem to be pricing in a favorable outcome after months of gridlock between Democrats and Republicans in Congress in U.S. budget negotiations.
Spot now stands at 1.6343, with potential levels of selling interest noted at 1.6400 (Mar 22, 2011 high), 1.6430 (April 26, 2011 low) and 1.6455 (Jan 19, 2010 high). Bearish targets lie at 1.6215 (Oct 5 high), 1.6180 (Oct 17 high) and 1.6140 (Dec 4 high).
The U.S. House of Representatives is expected to vote on the Senate's "fiscal cliff" bill at 11.15pm ET (04:15GMT), and market participants seem to be pricing in a favorable outcome after months of gridlock between Democrats and Republicans in Congress in U.S. budget negotiations.
Spot now stands at 1.6343, with potential levels of selling interest noted at 1.6400 (Mar 22, 2011 high), 1.6430 (April 26, 2011 low) and 1.6455 (Jan 19, 2010 high). Bearish targets lie at 1.6215 (Oct 5 high), 1.6180 (Oct 17 high) and 1.6140 (Dec 4 high).
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