{"id":10165,"date":"2010-06-11T08:58:54","date_gmt":"2010-06-11T12:58:54","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10165"},"modified":"2010-06-11T08:58:54","modified_gmt":"2010-06-11T12:58:54","slug":"gbpusd-eyes-june-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/11\/gbpusd-eyes-june-highs\/","title":{"rendered":"GBP\/USD Eyes June Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable continued Wednesday\u2019s rally, surging back above 1.47 and is eyeing previous June highs as investors await UK manufacturing and PPI data.\u00a0 Yesterday\u2019s rally stemmed from encouraging Asia data.\u00a0 Australian employment grew faster than anticipated while demand for Chinese exports surged.\u00a0 Solid Asia data keeps hope alive that the wheels of the global economy are still rolling despite setbacks in the EU.\u00a0 The U.S. will cap the week by releasing retail sales and consumer confidence data, meaning the trading week could end on a volatile note.\u00a0 Last month\u2019s UK manufacturing production was quite impressive and it will be interesting to see whether the recent wave of strong UK data continues.\u00a0 The Pound has undergone considerable depreciation, so a corresponding increase in demand for UK manufactured goods would not be surprising.\u00a0 More positive UK data could help the Cable overcome previous June highs barring a negative psychological event in the EU.\u00a0 That being said, investors should keep a close eye on the EU news wire since even though no news is good news, the EU is still fiscally troubled and it is unknown whether another shoe will drop.\u00a0 Yesterday\u2019s BoE meeting was a nonevent as the central bank kept its monetary policy unchanged despite the discouraging developments in the EU.\u00a0 Meanwhile, investors will have to wait until next week\u2019s release of the BoE\u2019s monetary policy meeting minutes in order to get a better idea of how King & Co. feel about the UK\u2019s condition economically.\u00a0 For the time being, all eyes will be on the broad-based risk trade to monitor just how far traders can extend the rally from May lows.<\/p>\n

Technically speaking, the Cable still faces multiple downtrend lines along with 6\/2 and 5\/7 highs.\u00a0 Additionally, the highly psychological 1.50 level would likely serve as a solid technical barrier should it be tested.\u00a0 As for the downside, the Cable has fresh uptrend lines running through May and June lows along with 6\/10 lows and the psychological 1.45 level should it be tested.<\/p>\n

Present Price: 1.4707
\nResistances: 1.4739, 1.4769, 1.4819, 1.4854, 1.4890, 1.4912
\nSupports: 1.4690, 1.4648, 1.4583, 1.4552, 1.4526, 1.4498
\nPsychological: 1.50, 1.45, June highs and lows<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The Cable continued Wednesday\u2019s rally, surging back above 1.47 and is eyeing previous June highs as investors await UK manufacturing and PPI data.\u00a0 Yesterday\u2019s rally stemmed from encouraging Asia data.\u00a0 Australian employment grew faster than anticipated while demand for Chinese exports surged.\u00a0 Solid Asia data keeps hope alive that the wheels … <\/p>\n

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