U.S. Debt Deal Passes House Of Representatives

As for the U.S. debt ceiling deal, it passed through the House of Representatives late Wednesday, which translated into chopping swings again, and will now go to Congress for approval. The uncertainty around the question what will follow after a debt deal in terms of interest rates could continuously translate into choppy trading conditions.


The cable’s support at around 1.23 has proved to hold so far. Provided that sterling remains above 1.2350, we could see a recovery towards 1.2550 and possibly even 1.26. However, we bear in mind the potential for choppy trading conditions and the fact that the pair is approaching overbought territory.


The euro slipped towards a low of 1.0635, touching the lower descending trendline of its current downtrend channel. We may now see some reversal towards 1.0750-70.


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