The pound has been drifting lower against the dollar for most of December and during that time, despite finding firm support around 1.33, further losses appeared to be on the horizon. The descending triangle that formed over the course of this month is typically a bearish signal, with a break below 1.33 being confirmation of this. On this occasion, that break never came, with the dollar sell-off over the last couple of days triggering a move above the triangle instead. With the pound not performing particularly well against other currencies, it’s clear that this is primarily a dollar-driven move. There are a number ... (full story)