{"id":1799,"date":"2009-05-06T09:59:39","date_gmt":"2009-05-06T14:59:39","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1799"},"modified":"2009-05-06T09:59:39","modified_gmt":"2009-05-06T14:59:39","slug":"gbpusd-daily-commentary-for-5609","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/06\/gbpusd-daily-commentary-for-5609\/","title":{"rendered":"GBP\/USD Daily Commentary for 5.6.09"},"content":{"rendered":"

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

The Cable did top out yesterday at our 1.5158 resistance as volume tapered out.\u00a0 However, we view the decline as profit taking since the Cable has had such an impressive run as of late.\u00a0 The GBP\/USD is encouragingly finding stability at the highly psychological 1.50 mark, showing the investors are getting comfortable with a 1.50+ future.\u00a0 The Cable is experiencing relative strength after yesterday\u2019s impressive showing in Britain\u2019s Construction PMI.\u00a0 Britain has stringed together a couple weeks of encouraging data, keeping the ball in the bull\u2019s court.\u00a0 While yesterday\u2019s retracement to 1.50 was expected, the Cable remains above all of our uptrend and downtrend lines.\u00a0 Therefore, if the next 24-48 hours go well data and news wise, the Cable could receive the high volume boost we\u2019ve been waiting for, and the currency pair would be off to the races.\u00a0 As a result, 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\u2019s Nationwide Consumer Confidence number came in better than expected earlier today, keeping the data winning streak alive.\u00a0 However, the resilience of Britain\u2019s economic recovery could be tested today with the release of its Halifax HPI and Services PMI data points.\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 Monday, so a resounding message of recovery in housing builds a solid foundation for the uptrend to spring from.\u00a0 We will also see America\u2019s ADP Non-Farm Employment Change later today, meaning activity in the GBP\/USD should pick up from yesterday\u2019s session.<\/p>\n

Fundamentally, we find resistances of 1.5059, 1.5114, 1.5158, 1.5213, and 1.5257.\u00a0 To the downside, we see supports of 1.5017, 1.4988, 1.4946, 1.4902, and 1.4869.\u00a0 1.50 serves as a key psychological cushion with 1.55 acting as a psychological barrier. The GBP\/USD is currently exchanging at 1.5028.<\/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 did top out yesterday at our 1.5158 resistance as volume tapered out. However, we view…<\/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-1799","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1799","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=1799"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1799\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}