{"id":10292,"date":"2010-06-16T11:31:47","date_gmt":"2010-06-16T15:31:47","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10292"},"modified":"2010-06-16T11:31:47","modified_gmt":"2010-06-16T15:31:47","slug":"gbpusd-consolidates-around-1-48","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/16\/gbpusd-consolidates-around-1-48\/","title":{"rendered":"GBP\/USD Consolidates Around 1.48"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is having trouble breaking through 1.48 after an impressive run so far this month.\u00a0 The Cable is moving sideways despite another encouraging decline in the claimant count change.\u00a0 Hence, either the Cable is dealing with overbought conditions or the currency pair is dealing with headwinds blowing from the EU.\u00a0 Although, UK CPI did drop a basis point yesterday.\u00a0 Even though CPI remains above the key 3% mark, a cooling in prices takes some of the pressure off of the BoE to tighten liquidity.\u00a0 Rumors are spreading that the IMF and U.S. Treasury have been working together on a $350 billion line of liquidity for Spain.\u00a0 The Spanish government has adamantly denied the rumors, though this is the second time this month we have heard rumblings that Spain may be next in line for aid.\u00a0 Spanish and Portuguese bond yields are widening in wake of the rumor and are likely weighing on a Cable which would normally be rising on such positive UK employment data.\u00a0 Meanwhile, the EUR\/USD is continuing its consistent climb from June lows, a positive development for the risk trade as a whole since a tumbling Euro has been weighing on most dollar pairs the past couple months.\u00a0 The UK will light up the data wire again tomorrow with retail sales followed by U.S. CPI, unemployment claims, and the Philly Index.\u00a0 Hence, markets could remain volatile as investors digest the wealth of data and earnings.\u00a0 Additionally, investors should focus on the EU news wires again to see if there are any concrete developments in Spain.<\/p>\n

Technically speaking, the Cable faces downtrend lines running through April highs along with 6\/14 highs and the psychological 1.48 level.\u00a0 As for the downside, the Cable is developing a new near-term support structure, including downtrend lines running through May and June lows.\u00a0 The Cable also has technical supports in the form of 6\/14 and 6\/11 lows along with the 1.47 and 1.46 level should they be tested.<\/p>\n

Present Price: 1.4796
\nResistances: 1.4810, 1.4854, 1.4890, 1.4912, 1.4953, 1.4988
\nSupports: 1.4750, 1.4720, 1.4680, 1.4628, 1.4585, 1.4544
\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.<\/a><\/strong><\/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 is having trouble breaking through 1.48 after an impressive run so far this month.\u00a0 The Cable is moving sideways despite another encouraging decline in the claimant count change.\u00a0 Hence, either the Cable is dealing with overbought conditions or the currency pair is dealing with headwinds blowing from the EU.\u00a0 … <\/p>\n

Continue reading “GBP\/USD Consolidates Around 1.48”<\/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-10292","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10292"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10292\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}