{"id":10668,"date":"2010-06-30T09:45:23","date_gmt":"2010-06-30T13:45:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10668"},"modified":"2010-06-30T09:45:23","modified_gmt":"2010-06-30T13:45:23","slug":"gbpusd-holds-above-1-50-despite-weakness-in-euro","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/30\/gbpusd-holds-above-1-50-despite-weakness-in-euro\/","title":{"rendered":"GBP\/USD Holds Above 1.50 Despite Weakness in Euro"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The Cable is holding strong above its highly psychological 1.50 level despite strong rallies in the dollar and yen across the board.\u00a0 Negative news from China to Europe is taking its toll on the risk trade, sending the EUR\/USD tumbling back below its psychological 1.22 level.\u00a0 China\u2019s SCI dropped by nearly -5% after leading economic indicators disappointed investors.\u00a0 Meanwhile, Spain has requested the ECB to keep its emergency window open and Greek citizens are on the streets protesting austerity measures, denting confidence in the EU\u2019s ability to handle its fiscal crisis.\u00a0 Altogether, investor confidence has taken a hit today, sending investors towards the risk trade.\u00a0 However, the Cable is holding strong as the Pound continues to benefit from optimism over last week\u2019s MPC minutes and broad approval of parliament\u2019s emergency budget.\u00a0 That being said, the Cable will be tested again this week as the UK releases nationwide HPI and final GDP.\u00a0 Should fundamental data disappoint and downward pressure remains on the risk trade the Cable could undergo a sharp sell-off and play catch-up.\u00a0 On the other hand, if UK fundamentals print positive this could help the Cable sustain its relative strength.<\/p>\n<p>Technically speaking, the Cable faces technical barriers in the form of 6\/28 and 5\/4 highs.\u00a0 As for the downside, the Cable has intraday and 6\/25 lows serving as technical cushions along with the highly psychological 1.50 area.<\/p>\n<p>Present Price: 1.5059<br \/>\nResistances: 1.5072, 1.5089, 1.5105, 1.5118, 1.5136, 1.5152<br \/>\nSupports: 1.5048, 1.5028, 1.5013, 1.4985, 1.4957, 1.4931<br \/>\nPsychological: 1.50, June highs and lows<\/p>\n<p><a href=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June29Cable.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June29Cable.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 is holding strong above its highly psychological 1.50 level despite strong rallies in the dollar and yen across the board.\u00a0 Negative news from China to Europe is taking its toll on the risk trade, sending the EUR\/USD tumbling back below its psychological 1.22 level.\u00a0 China\u2019s SCI dropped by nearly &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/30\/gbpusd-holds-above-1-50-despite-weakness-in-euro\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GBP\/USD Holds Above 1.50 Despite Weakness in Euro&#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-10668","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10668","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=10668"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10668\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}