{"id":1746,"date":"2009-05-05T09:21:57","date_gmt":"2009-05-05T14:21:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1746"},"modified":"2009-05-05T09:21:57","modified_gmt":"2009-05-05T14:21:57","slug":"gbpusd-daily-commentary-for-5509","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/05\/gbpusd-daily-commentary-for-5509\/","title":{"rendered":"GBP\/USD Daily Commentary for 5.5.09"},"content":{"rendered":"

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

Over the last 24 hours the Cable has made some of the most notable strides amongst the major Dollar pairs.\u00a0 The GBP\/USD has bolted past the highly psychological 1.50 level and April highs in a single swing.\u00a0 Strength in the Cable comes after Britain hit another home run with its Construction PMI release.\u00a0 Hence, we have seen encouraging improvements in most all of Britain\u2019s economy, giving investors little reason to hesitate in sending the GBP\/USD higher since U.S. equities are on a roll.\u00a0 However, we haven\u2019t seen a confirmation in volume on the Cable\u2019s up-bars, meaning the currency pair could soon top out in the near-term as investors may hesitate with the S&P 900 while awaiting stress test Thursday.\u00a0 Despite our near-term hesitation, we maintain our bullish outlook trend wise.\u00a0 The GBP\/USD continues to surpass key technical barriers and is leaving our downtrend lines behind, meaning the uptrend should have considerable room to grow.<\/p>\n

Britain will release Nationwide Consumer Confidence later in today\u2019s session followed by the Halifax HPI and Services PMI early Wednesday.\u00a0 Last week\u2019s Nationwide HPI came in well above analyst expectations, so it will be interesting to see if tomorrow\u2019s Halifax number relays the same message of stabilization in home prices.\u00a0 America\u2019s Pending Home Sales blew by expectations yesterday, so a resounding message of recovery in housing builds a solid foundation for the uptrend to spring from.<\/p>\n

Fundamentally, we find resistances of 1.5160, 1.5213, 1.5257, 1.5306, and 1.5349.\u00a0 To the downside, we see supports of 1.5059, 1.5017, 1.4988, 1.4946, and 1.4902.\u00a0 1.50 becomes a key psychological cushion with 1.55 acting as a psychological barrier. The GBP\/USD is currently exchanging at 1.5152.<\/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 – Over the last 24 hours the Cable has made some of the most notable strides amongst the major Dollar pairs…<\/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-1746","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1746","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=1746"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1746\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}