{"id":1555,"date":"2009-04-24T09:01:28","date_gmt":"2009-04-24T14:01:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1555"},"modified":"2009-04-24T09:01:28","modified_gmt":"2009-04-24T14:01:28","slug":"gbpusd-daily-commentary-for-42409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/24\/gbpusd-daily-commentary-for-42409\/","title":{"rendered":"GBP\/USD Daily Commentary for 4.24.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The Cable is recovering from earlier losses in reaction to a worse than expected Prelim GDP release from Britain.\u00a0 The Prelim GDP number shows the British economy is indeed in worse shape than anticipated as the nation\u2019s production gets punished for its heavy reliance on financial services.\u00a0 Moody\u2019s highlighted the dismal situation by warning Britain\u2019s AAA credit rating may be in jeopardy due to the nation\u2019s unprecedented over-reliance on debt to keep its economy afloat.\u00a0 A loss of its AAA rating would raise the interest payments Britain must pay on its debt, only increasing the overall burden on the economy.\u00a0 Bad news aside, the Cable is reacting in a more positive manner than one would anticipate after such negative developments.\u00a0 The GBP\/USD is finding strength in better than expected business climate data from the EU and durable goods orders out of the U.S.\u00a0 The Cable has bounced off our 2nd tier trend line and could realize some substantial gains should it brave above yesterday\u2019s high.\u00a0 The resilience of the GBP\/USD is highly reliant on the performance of U.S. equities to counter the bad news from Britain.\u00a0 With the S&amp;P futures flirting with the possibility of another breakout, the Cable may be inclined to participate due to the positive correlation.\u00a0 Fundamentally, we find resistances of 1.4730, 1.4773, 1.4826, 1.4864, and 1.4904.\u00a0 To the downside, we see supports of 1.4677, 1.4612, 1.4567, 1.4532, and 1.4481.\u00a0 1.45 serves as a psychological cushion with 1.50 acting as a key psychological barrier. The GBP\/USD is currently exchanging at 1.4687.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/4_24pound.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/4_24pound.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 recovering from earlier losses in reaction to a worse than expected Prelim GDP release from Britain&#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-1555","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1555","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=1555"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1555\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}