{"id":1300,"date":"2009-04-08T11:05:44","date_gmt":"2009-04-08T16:05:44","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1300"},"modified":"2009-04-08T11:05:44","modified_gmt":"2009-04-08T16:05:44","slug":"gbpusd-daily-commentary-for-4809","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/08\/gbpusd-daily-commentary-for-4809\/","title":{"rendered":"GBP\/USD Daily Commentary for 4.8.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The Cable continues to show relative strength on the back of surprisingly positive data surfacing from Britain over the past couple weeks.\u00a0 The GBP\/USD kept its cool yesterday despite the broad selloff in U.S. equities and the Cable is running with the EUR\/USD and U.S. equities Wednesday morning.\u00a0 We expect to see the Cable\u2019s strength continue as long as Britain\u2019s data outperforms and its major financial institutions stay out of the headlines.\u00a0 If U.S. equities and the EUR\/USD head north today, the GBP\/USD should follow.\u00a0 On the other hand, if U.S. equities selloff again, we may see the Cable hold up once more.\u00a0 However, we can\u2019t forget the importance of the financial industry to Britain\u2019s economy.\u00a0 Therefore, if U.S. banks hit another roadblock, the GBP\/USD may have no choice but to head lower.\u00a0 Speculation set aside, the Cable is in great shape for the time being.\u00a0 It sits comfortably above our 1st tie uptrend line with no downtrend line in sight.\u00a0 On the other hand, the failure of the GBP\/USD to eclipse February highs and 1.50 is a cause for concern, and we\u2019ll keep this in mind.\u00a0 If the Cable can climb back above March highs today we could see a nice short-term pop.\u00a0 Even though Britain is quite on the news front today, the Pound could come alive tomorrow with a PPI release coupled with a BOE rate decision.\u00a0 Analysts are expecting the BOE to hold the benchmark rate at .50%.\u00a0 Fundamentally, we maintain resistance of 1.4730 with additional resistances hanging at 1.4770, 1.4834, 1.4883 and 1.4946.\u00a0 The 1.50 level serves as a key psychological barrier while the 1.45 area acts as a psychological cushion. To the downside, we hold our supports of 1.4676, 1.4612, 1.4571, 1.4538 and 1.4484.\u00a0\u00a0 The GBP\/USD is currently exchanging at 1.4702.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/4_8pound.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/4_8pound.gif\" alt=\"\" width=\"595\" height=\"500\" \/><\/a><\/p>\n<p>Market Commentary provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?PL080\" target=\"_blank\"><span style=\"text-decoration: underline;\"><strong>Fast Brokers<\/strong><\/span><\/a>.<\/p>\n<p><strong>Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither 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 continues to show relative strength on the back of surprisingly positive data surfacing from Britain over the past couple weeks&#8230;<\/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-1300","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1300","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=1300"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1300\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}