{"id":1435,"date":"2009-04-16T09:41:34","date_gmt":"2009-04-16T14:41:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1435"},"modified":"2009-04-16T09:41:34","modified_gmt":"2009-04-16T14:41:34","slug":"gbpusd-daily-commentary-for-41609","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/16\/gbpusd-daily-commentary-for-41609\/","title":{"rendered":"GBP\/USD Daily Commentary for 4.16.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The Cable has come well-off its highs on relatively light volume in what we view as healthy profit taking.\u00a0 As expected, the Cable is having some trouble leaving behind the highly psychological 1.50 level.\u00a0 The weakness of the Pound is reflected in the EUR\/GBP finally finding a bottom.\u00a0 The present downturn in the GBP\/USD was triggered by no discernable news\/data, which leads us to our conclusion of fundamental profit-taking.\u00a0 Although the Cable has dipped below our 2nd tier uptrend line and April 6 highs in the process, the currency pair managed to stabilize above April 15 lows.\u00a0 As a result, a return to the topside could come quickly.\u00a0 Hence, we maintain our positive stance on the GBP\/USD until further notice.\u00a0 Britain won\u2019t release any economic data of significance this week, meaning the GBP\/USD should follow a positive correlation with U.S. equities while maintaining relative strength due to Britain\u2019s upbeat data over the past month.\u00a0 Fundamentally, our 1.4946 and 1.4988 supports turn resistance while we maintain our resistances of 1.5028, 1.5080, and 1.5121.\u00a0 The 1.50 level remains a key psychological barrier while 1.45 serves as a psychological cushion.\u00a0 To the downside, we maintain our supports of 1.4883, 1.4834 and 1.4770 with fresh supports of 1.4730 and 1.4655.\u00a0\u00a0 The GBP\/USD is currently exchanging at 1.4889.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/4_16pound.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/4_16pound.gif\" alt=\"\" width=\"595\" height=\"500\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> 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 has come well-off its highs on relatively light volume in what we view as healthy profit taking.  As expected&#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-1435","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1435","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=1435"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1435\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}