HighSky (HighSky)
Currencies  |  November 06, 2012 11:36:00

Libra quietly waiting for the U.S. elections


Pound against the dollar today, trading around yesterday's final level of 1598 in anticipation of the U.S. presidential, congressional and gubernatorial elections. Market earlier this week showed a bearish signal, when the rise of multitýdenní downward trend channel and decreasing trend level since May last year, was not confirmed and was definitely contradicted All Saints sharp bearish candles. With the decline of the euro and the Swiss franc to pound it creates another negative signal continuation of that downward trend channel. The main market supports are 1.595, 1.59, 1.581, and 1.578. Important resistance are 1.605 and 1.612.

gbpusdd, daily comment

In the longer perspective pound during May followed by a significant decline in the euro and the Swiss franc to the euro zone debt crisis accelerates. In early June, there was a turnaround with how currency found support in key long-term support area formed by several test two-year low and supportive of growth lines in January 2009 1.52 1.53.

Markets mostly absorbed monthly and quarterly data. Today's event presidential, congressional and gubernatorial elections, however, significantly affect U.S. and thus the world politics and economics for more than four years. For now, close fight Obama and Romney and other crossword This election should be known over Central Europe on Wednesday morning. Markets they wish to be the winner of the elections will bring support in Congress, which will be the most important parameter evaluation. This would be especially good news for equities.Just as in 2008, when the political pendulum swung to the Democrats. Then elections disrupted market trends, which, however, changed shortly after the outbreak of the financial crisis.

The key will be the attitude of the President and Congress to question the fiscal cliff, which as yet set should bring drastic restriction of tax relief, public spending and the budget deficit, however, is likely to find themselves at the cost of economy into recession. Both candidates for the time being at least partially present efforts to prevent fiscal cliff. Both candidates present due to the economy of the mixed channels.

Josef Kvarda
Analyst
HighSky Brokers

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