As expected, GBP increase could not be sustained at the beginning of 2017. GBPJPY keeps setting new lows, all eyes on supreme court appeal decision on Brexit.
Fundamentally, GBP is in a chaos and there are no reasons to expect a strong Pound Sterling entering 2017 given the indecisiveness of politicians and investors' unwillingness and disinclination to back GBP. Supreme Court rulingcaused an increase at the end of 2016, could have an impact again after the appeal decision. However, GBP would still remain in a chaotic environment until a final agreement on Brexit is reached.
Technically, last 4h candle does not look bullish at all. Price below two Fib levels, and 150MA (which in the last week and so has been playing a role of resistance/support).
Fundamentally, GBP is in a chaos and there are no reasons to expect a strong Pound Sterling entering 2017 given the indecisiveness of politicians and investors' unwillingness and disinclination to back GBP. Supreme Court rulingcaused an increase at the end of 2016, could have an impact again after the appeal decision. However, GBP would still remain in a chaotic environment until a final agreement on Brexit is reached.
Technically, last 4h candle does not look bullish at all. Price below two Fib levels, and 150MA (which in the last week and so has been playing a role of resistance/support).
