{"id":1516,"date":"2009-04-22T09:57:37","date_gmt":"2009-04-22T14:57:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1516"},"modified":"2009-04-22T09:57:37","modified_gmt":"2009-04-22T14:57:37","slug":"gbpusd-daily-commentary-for-42209","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/22\/gbpusd-daily-commentary-for-42209\/","title":{"rendered":"GBP\/USD Daily Commentary for 4.22.09"},"content":{"rendered":"

By Fast Brokers<\/span><\/p>\n

The Cable has been incredibly volatile today as investors digest important employment data and the CBI\u2019s release of Britain\u2019s budget for the new fiscal year.\u00a0 The GBP\/USD shot up earlier after the Claimant Count Change number came in much better than anticipated.\u00a0 However, the currency pair has reversed course after Darling outlined the new budget and reduced his forecast for GDP growth.\u00a0 Today\u2019s data also comes with a negative asterisk attached since the average earnings data was much worse than expected, signaling consumption could take another big hit.\u00a0 However, the downturn of the Cable today has much to do with the CBI\u2019s new budget.\u00a0 Darling described a preference to avoid new economic stimulus measures, meaning if a second wave from the economic crisis does reach shore, Britain may be left without a life raft.\u00a0 To add to today\u2019s negativity is a very discouraging earnings release from Morgan Stanley.\u00a0 The bleak earnings report from MS reignites the concern that the troubles for the financials are far from over.\u00a0 Furthermore, we do now know whether the accounting changes to mark-to-market were responsible for the surprisingly the positive earnings from other major U.S. financials.\u00a0 Since the financial industry comprises such a large proportion of Britain\u2019s GDP, any setback in financials threatens the stability of the Cable.\u00a0 The GBP\/USD has collapsed beneath 4\/20 lows and the psychological 1.45 mark, meaning the losses could pile on towards our 1st tier uptrend line.\u00a0 Any retracement beyond this trend line could yield incredibly a negative performance from the GBP\/USD in the near-term.\u00a0 We maintain our negative stance on the GBP\/USD due to the aforementioned reasons.\u00a0 Fundamentally, we find resistances of 1.4478, 1.4532, 1.4579, 1.4612, and 1.4677.\u00a0 The 1.45 area is turning into a psychological barrier with 1.40 acting as a key psychological cushion.\u00a0 To the downside, we see supports of 1.4438, 1.4391, 1.4362, 1.4319, and 1.4283.\u00a0\u00a0 The GBP\/USD is currently exchanging at 1.4462.<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/a>.<\/p>\n

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

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 has been incredibly volatile today as investors digest important employment data and the CBI\u2019s release of Britain\u2019s budget…<\/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-1516","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1516","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=1516"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1516\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}