{"id":1969,"date":"2009-05-14T14:27:47","date_gmt":"2009-05-14T19:27:47","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1969"},"modified":"2009-05-14T14:27:47","modified_gmt":"2009-05-14T19:27:47","slug":"gbpusd-daily-commentary-for-51409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/14\/gbpusd-daily-commentary-for-51409\/","title":{"rendered":"GBP\/USD Daily Commentary for 5.14.09"},"content":{"rendered":"

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

GBP\/USD<\/strong><\/p>\n

The Cable is settling after yesterday\u2019s selloff in reaction to disappointing retail sales data from the U.S.\u00a0 The pullback came on pretty large volume, so we could see a continued near-tem downturn with a retest of 1.50.\u00a0 However, the bull trend in the Cable is still in control since any foreseeable downtrend line remains far beneath present price.\u00a0 Additionally, the economic data from Britain continues to come in positively, including Tuesday\u2019s key Manufacturing Production and CCC releases.\u00a0 The CCC number was very encouraging since it beat analyst expectations by a long shot for the second straight month.\u00a0 Therefore, Britain\u2019s employment market seems to be improving with the CCC on a downward slope.\u00a0 However, the CCC number is still at historically elevated levels, and analysts shouldn\u2019t get too comfortable until it reaches the 15k area.\u00a0 Regardless, we\u2019ve witnessed improvements in British economic data across the spectrum over the past month, giving the Pound relative strength with little reason to change our bullish outlook trend wise.<\/p>\n

Attention will turn on the U.S. and EU for the remainder of the week as both countries release CPI data while the EU provides GDP numbers.\u00a0 The S&P has dipped back below 900, signifying a near-term struggle to the upside.\u00a0 We expect the GBP\/USD to fall in line with its positive correlation with the EUR\/USD and S&P futures over the next 48 hours while exhibiting its relative strength.\u00a0 Keep an eye out for 1.50 to the downside, for if this psychological level doesn\u2019t hold we could see the pullback pick up speed.\u00a0 To the topside May and January highs serve as the key fundamental battlegrounds restricting excited gains.<\/p>\n

Fundamentally, we find resistances of 1.5241, 1.5277, 1.5310, 1.5389, and 1.5465.\u00a0 To the downside we see supports of 1.5190, 1.5109, 1.5065, 1.5000, and 1.4940.\u00a0 The GBP\/USD is currently exchanging at 1.5208.<\/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 is settling after yesterday\u2019s selloff in reaction to disappointing retail sales data from the U.S. The pullback came on pretty large volume…<\/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-1969","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1969","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=1969"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1969\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}