Pound Versus Dollar and Yen December 28th

FX Strategy Video > Currency Pairs Analysis

GBP/USD rose on Tuesday, only to fail right at the 1.57 resistance level. The day was positive, but the inability to rise above the resistance area shows us that the consolidation should continue over the next several sessions as most traders simply aren't involved right now.

GBP/JPY rose as well, but formed a shooting star as the pair reached the upper area of the 120 - 123 consolidation range. The pair is likely to grind lower over the next few days as the markets will more than likely be fairly quiet this week.

Published on 27th of December 2011
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