{"id":2025,"date":"2009-05-19T12:58:43","date_gmt":"2009-05-19T17:58:43","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2025"},"modified":"2009-05-19T12:58:43","modified_gmt":"2009-05-19T17:58:43","slug":"gbpusd-daily-commentary-for-51909","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/19\/gbpusd-daily-commentary-for-51909\/","title":{"rendered":"GBP\/USD Daily Commentary for 5.19.09"},"content":{"rendered":"

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

The Cable continues its impressive climb on rising volume despite slightly worse than expected RPI and CPI data points.\u00a0 The pricing numbers were only one basis point below analyst expectations, so the decline wasn\u2019t too much of a surprise.\u00a0 This was the first negative data release we\u2019ve seen from Britain over the past month, and the momentum remains clearly to the upside.\u00a0 The Cable is trading well above our downtrend line.\u00a0 In fact, it\u2019s becoming a non-factor, as is the key psychological 1.50 level.\u00a0 The psychological 1.55 area becomes more of a relevant discussion at this point.\u00a0 Speaking of 1.55, the GBP\/USD is also trading near November 26 highs, indicating we could witness some near-term consolidation.\u00a0 Near-term technical obstacles are in play for the EUR\/USD as well with the S&P futures battling 900.\u00a0 Hence, all three investment vehicles are sending the same message of near-term struggle with slight downward pressure.<\/p>\n

The Cable has climbed above January \u201909 highs.\u00a0 The next two obstacles for the GBP\/USD are the aforementioned November 26 highs followed by December 17 highs.\u00a0 From here we could witness a nice pop towards our last resort downtrend line, which is off screen but sitting around 1.60 right now.\u00a0 If the Cable can get on top of this downtrend line we could witness exciting near to medium-term gains.\u00a0 However, we still have a ways to go.<\/p>\n

We maintain our bullish outlook on the GBP\/USD due to the overwhelmingly positive economic data surfacing from Britain over the past month.\u00a0 We\u2019ve seen improvements across the board, from employment to manufacturing to housing prices.\u00a0 We\u2019re witnessing the massive depreciation of the Dollar analysts have warned us about after America\u2019s incredible liquidity measures.\u00a0 However, as with the EUR\/USD, the Cable\u2019s ultimate performance is highly reliant upon U.S. equities.\u00a0 Therefore, any collapse in the S&P could be accompanied by a depreciation of the Pound.\u00a0 Fortunately for bulls, the S&P futures still have their upward momentum trend-wise.\u00a0\u00a0\u00a0\u00a0 Investors will be paying particularly close attention to British retail sales on Thursday followed by Revised GDP on Friday to make certain the data supports the positive numbers we\u2019ve seen as of late.<\/p>\n

Fundamentally, we find resistances of 1.5551, 1.5600, 1.5663, 1.5717, and 1.5794.\u00a0 To the downside, we see supports of 1.5449, 1.5372, 1.5279, 1.5207, and 1.5134.\u00a0 1.50 serves as a key psychological cushion with 1.55 acting as a psychological barrier. The GBP\/USD is currently exchanging at 1.5492.<\/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 continues its impressive climb on rising volume despite slightly worse than expected RPI…<\/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-2025","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2025","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=2025"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2025\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}