FX:GBPUSD British Pound/U.S. Dollar
Like a play from a playbook the GBP/USD is exhibiting a classic activity. Pop on news (US fiscal cliff averted), blow through resistance, sell off, find support, and bounce from there. On 12/27 the Pound put in a higher low but needed some momentum to get through $1.62 resistance. The news flow was sufficient to get the momentum going and the price action says higher prices are ahead.