{"id":1723,"date":"2009-05-04T09:31:23","date_gmt":"2009-05-04T14:31:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1723"},"modified":"2009-05-04T09:31:23","modified_gmt":"2009-05-04T14:31:23","slug":"gbpusd-daily-commentary-for-5409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/04\/gbpusd-daily-commentary-for-5409\/","title":{"rendered":"GBP\/USD Daily Commentary for 5.4.09"},"content":{"rendered":"

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

The rally in the Cable is pulling back after Friday\u2019s insufficient volume failed to push the GBP\/USD above the highly psychological 1.50 mark and April highs, the two barriers to a lasting uptrend.\u00a0 If volume wanes, we wouldn\u2019t be surprised to see more profit-taking in the currency pair.\u00a0 The Cable has ducked back below our 3rd tier uptrend line while our 2nd tier uptrend and downtrend lines reach an inflection point.\u00a0 There is plenty of room between present price and our 2nd tier uptrend line, meaning the GBP\/USD could have overextended itself.\u00a0 Therefore, if our present 1.4826 support doesn\u2019t hold, it looks like the next stop for the Cable could be our 1.4730 level.\u00a0 Despite near-term downward pressure, momentum remains to the upside since we saw some encouraging data again from Britain last week.\u00a0 Furthermore, the GBP\/USD remains positive correlated with the S&P futures, which made some impressive strides of their own last week.<\/p>\n

While volume could be light today, action should pick up as we approach Thursday\u2019s ECB press conference and the release of the highly anticipated stress test results.\u00a0 Britain has a banking holiday today, meaning we won\u2019t see any data until tomorrow\u2019s Halifax HPI, Construction PMI, and Nationwide Consumer Confidence.\u00a0 The Halifax HPI comes a day after America\u2019s Pending Homes Sales release, so we will get a better picture of the housing industry in both economies.\u00a0 If the data points come in better expected then we could see a nice boost to the upside in the GBP\/USD.<\/p>\n

Fundamentally, we find resistances of 1.4880, 1.4905, 1.4951, 1.5009, and 1.5059.\u00a0 To the downside, we see supports of 1.4826, 1.4773, 1.4730, 1.4677, and 1.4626.\u00a0 1.45 serves as a psychological cushion with 1.50 acting as a key psychological barrier. The GBP\/USD is currently exchanging at 1.4856.<\/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 rally in the Cable is pulling back after Friday\u2019s insufficient volume failed to push the GBP\/USD…<\/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-1723","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1723","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=1723"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1723\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}