{"id":59711,"date":"2014-09-02T11:20:50","date_gmt":"2014-09-02T15:20:50","guid":{"rendered":"http:\/\/countingpips.com\/?p=59711"},"modified":"2014-09-02T12:40:36","modified_gmt":"2014-09-02T16:40:36","slug":"cable-takes-out-1-65-on-positive-u-s-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/cable-takes-out-1-65-on-positive-u-s-data\/","title":{"rendered":"Cable Takes Out 1.65 on Positive U.S. Data"},"content":{"rendered":"<div id=\"inves-1226829177\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 2, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>European traders shrugged U.K. Construction PMI growth (64.0 vs. consensus 61.5);<\/li>\n<li>US Dollar surged higher as Manufacturing PMI expands to 59.0, well above expectations;<\/li>\n<li>GBP\/USD resumed the downtrend as the sell-off accelerated below 1.6535 and 1.6500.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Cable ended a week long consolidation, triggered by a temporary double bottom pattern on intraday charts. With the downtrend back to full throttle and a heavy week on the fundamental front, we expect to see some increased volatility for the rest of the week.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/Cable2ndSeptember.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6191\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/Cable2ndSeptember.png\" alt=\"Cable2ndSeptember\" width=\"700\" height=\"351\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">On Wednesday 27<sup>th<\/sup> August, when price failed to form a Lower Low, shaping a double bottom at 1.6534 instead, cable reached a temporary equilibrium as selling pressure began to dissipate. Despite extreme oversold conditions, as indicated by Stochastic on the Daily chart and from the lack of meaningful corrections within the downtrend, buyers were helpless when faced with a string of economic releases from U.S., all with bullish expectations.<\/p>\n<p style=\"text-align: justify;\">GBP\/USD bounced off the 200-Day Exponential Moving Average, currently priced at 1.6633, capping this correction before it could test a more meaningful resistance cluster (1.6700).<\/p><div id=\"inves-2400528640\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">Traders are searching for a fresh Lower Low. GBP\/USD sold off as low as 1.6490 on strong U.S. data; however price is currently back flirting with the large psychological handle 1.6500. Immediate support rests at 1.6471, representing a price pivot zone formed between November 2013 and March of this year. If 1.6471 fails to offer support in the coming sessions, the current downtrend will likely extend as low as 1.6255\/80 (38.2% Fibonacci retracement from 1.48 up to 1.72, coupled with a monthly pivot zone).<\/p>\n<p style=\"text-align: justify;\">The preferred strategy is to sell rallies, unless a bullish price action signal pops up on the daily chart, preferably starting from one of the support levels mentioned in this analysis.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways European traders shrugged U.K. Construction PMI growth (64.0 vs. consensus 61.5); US Dollar surged higher as Manufacturing PMI expands to 59.0, well above expectations; GBP\/USD resumed the downtrend as the sell-off accelerated below 1.6535 and 1.6500. Cable ended a week long consolidation, triggered by a temporary double bottom pattern on [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-59711","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=59711"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59711\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=59711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=59711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=59711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}