{"id":29420,"date":"2012-05-03T08:02:33","date_gmt":"2012-05-03T12:02:33","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=29420"},"modified":"2012-05-03T08:02:33","modified_gmt":"2012-05-03T12:02:33","slug":"gbpusd-is-on-an-upside-break-will-it-continue-sailing-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2012\/05\/03\/gbpusd-is-on-an-upside-break-will-it-continue-sailing-higher\/","title":{"rendered":"GBP\/USD is on an upside break, will it continue sailing higher?"},"content":{"rendered":"<p><span>Since the beginning of this week, GBP\/USD has been making convincing gains above its range. And, earlier in U.S. session today, the pair topped at 1.6157. Will it<br \/>\ncome down or continue climbing the charts?<br \/>\n<\/span><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><span>U.K\u2019s preliminary report released today at 8.30 am GMT failed to meet consensus in the market. The report came in at -0.2% against<br \/>\nan earlier projection of 0.1%. Since the number came in negative, pound sell-off was triggered in the market, and it lost considerable ground against the other<br \/>\nmajor pairs. In the previous GDP report, the country also reported a negative figure. Therefore, since it has experienced two straight quarters of<br \/>\ncontraction, investors are now pointing to a possible technical recession in the country. This may lead to continued poor performance of the pound in the<br \/>\ncoming days.<\/span><\/p>\n<p class=\"MsoNormal\"><span>As earlier mentioned, technical analysis on the GBP\/USD reveal that it is experiencing an upside break from its range. Immediate resistance for the pair is found at 1.6170. A convincing break above this area could see it test 1.6250. On the flip side, immediate support is found at 1.5970. A convincing break above this area could see it test 1.5800.<\/span><\/p>\n<p class=\"MsoNormal\"><span>Medium term traders who were long in the pair should hold on to their positions as long as the breakout is still convincing. Short term traders would rather wait for all this drama and the earnings season to end before having a fresh call on the pair. The fundamental condition is still favoring pound sell-off, so long term traders can still take this opportunity to harvest massive profits.<\/span><\/p>\n<p class=\"MsoNormal\"><span>DISCLOSURE &amp; DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER. FOR MORE INFORMATION AS WELL AS UP TO DATE FOREX ANALYSIS VISIT <a href=\"http:\/\/www.fx-insights.com\/\"><span>www.pipstoday.com<\/span><\/a><\/span><\/p>\n<p class=\"MsoNormal\">\n","protected":false},"excerpt":{"rendered":"<p>Since the beginning of this week, GBP\/USD has been making convincing gains above its range. And, earlier in U.S. session today, the pair topped at 1.6157. Will it come down or continue climbing the charts? U.K\u2019s preliminary report released today at 8.30 am GMT failed to meet consensus in the market. The report came in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/forex-news\/2012\/05\/03\/gbpusd-is-on-an-upside-break-will-it-continue-sailing-higher\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GBP\/USD is on an upside break, will it continue sailing higher?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-29420","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/29420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=29420"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/29420\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=29420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=29420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=29420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}