{"id":1534,"date":"2009-04-23T10:17:47","date_gmt":"2009-04-23T15:17:47","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1534"},"modified":"2009-04-23T10:17:47","modified_gmt":"2009-04-23T15:17:47","slug":"gbpusd-daily-commentary-for-42309","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/23\/gbpusd-daily-commentary-for-42309\/","title":{"rendered":"GBP\/USD Daily Commentary for 4.23.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The Cable is returning some of yesterday\u2019s gains after deflecting off the inflection point of our 1st tier downtrend and 2nd tier uptrend lines.\u00a0 Today\u2019s weakness comes in reaction to a weaker than expected number from the CBI regarding its expectation for industrial orders.\u00a0 Investors didn\u2019t like too much of what the CBI\u2019s chancellor had to say yesterday concerning Britain\u2019s new budget and the health of the nation\u2019s economy.\u00a0 Though the GBP\/USD managed to fight back above the psychological 1.45 level, the downtrend is still playing a lead role in today\u2019s action.\u00a0 On an encouraging now, the Cable did find comfort in our 1st tier uptrend line, meaning we could witness some consolidation as the currency pair waits for the inflection point of our 1st tier uptrend and downtrend lines before making a more concrete directional decision.\u00a0 If the Cable manages to climb above our 2nd tier uptrend line, we could witness large near-term gains.\u00a0 On the contrary, should the currency pair retrace beneath our 1st tier uptrend lines, the downtrend could pick up speed.\u00a0 As with the EUR\/USD, the Cable\u2019s performance ultimately relies upon U.S. equities and results from the highly-anticipated stress tests coming May 4th.\u00a0 As we anticipate consolidation around 1.30 in the EUR\/USD, we wouldn\u2019t be surprised to see the same around 1.45 for the GBP\/USD.\u00a0 Fundamentally, we find resistances of 1.4579, 1.4612, 1.4677, 1.4730, and 1.4773.\u00a0 To the downside, we see supports of 1.4532, 1.4480, 1.4438, 1.4391, and 1.4362.\u00a0\u00a0 The GBP\/USD is currently exchanging at 1.4544.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/4_23pound.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/4_23pound.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 is returning some of yesterday\u2019s gains after deflecting off the inflection point of our 1st tier downtrend and 2nd tier&#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-1534","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1534","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=1534"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1534\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}