{"id":10484,"date":"2010-06-23T10:02:16","date_gmt":"2010-06-23T14:02:16","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10484"},"modified":"2010-06-23T10:02:16","modified_gmt":"2010-06-23T14:02:16","slug":"gbpusd-outperforms-in-wake-of-emergency-budget-release","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/23\/gbpusd-outperforms-in-wake-of-emergency-budget-release\/","title":{"rendered":"GBP\/USD Outperforms In Wake of Emergency Budget Release"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The Cable has outperformed over the past 24 hours as investors react positively to the details of parliament\u2019s emergency budget.\u00a0 The new tax on financials is not as high as earlier anticipated, giving banks a boost and pushing the Pound higher.\u00a0 Meanwhile, the EUR\/USD is hanging tight within its uptrend trading range, a positive for the risk trade as a whole.\u00a0 The performance of the Cable will now depend on the outcome of today\u2019s BoE meeting minutes.\u00a0 Should the central bank give a vote of confidence to the UK economy this could lead to a test of the Cable\u2019s highly psychological 1.50 level.\u00a0 On the other hand, the Cable\u2019s present upswing could be derailed should investors react negatively to the Fed\u2019s monetary policy meeting or if any unwanted developments occur in the EU.\u00a0 The UK will be quiet on the data wire for the remainder of the week, meaning psychological should retain control of the markets along with U.S. economic data, placing additional emphasis on today\u2019s U.S. new home sales figure.\u00a0 If new home sales disappoint like yesterday\u2019s existing home sales number this could cap near-term gains in the Cable.<\/p>\n<p>Technically speaking, 1.50 is still hanging over head along with 6\/21 highs and multiple uptrend lines.\u00a0 As for the downside, the Cable has intraday and 6\/17 lows serving as technical cushions along with the psychological 1.45 level should it be tested.<\/p>\n<p>Present Price: 1.4878<br \/>\nResistances: 1.4879, 1.4917, 1.4938, 1.4957, 1.4984, 1.5005<br \/>\nSupports: 1.4839, 1.4801, 1.4767, 1.4746, 1.4715, 1.4680<br \/>\nPsychological: 1.50, 1.45, June highs and lows<\/p>\n<p><a href=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June23Cable.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June23Cable.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <strong><a href=\"http:\/\/fastbrokers.com\/index.php?9f9043f9\" target=\"_blank\">Fast                                         Brokers.<\/a><\/strong><\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; The Cable has outperformed over the past 24 hours as investors react positively to the details of parliament\u2019s emergency budget.\u00a0 The new tax on financials is not as high as earlier anticipated, giving banks a boost and pushing the Pound higher.\u00a0 Meanwhile, the EUR\/USD is hanging tight within its uptrend trading &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/23\/gbpusd-outperforms-in-wake-of-emergency-budget-release\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GBP\/USD Outperforms In Wake of Emergency Budget Release&#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-10484","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10484","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=10484"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10484\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}