{"id":2185,"date":"2009-05-29T08:51:47","date_gmt":"2009-05-29T13:51:47","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2185"},"modified":"2009-05-29T08:51:47","modified_gmt":"2009-05-29T13:51:47","slug":"gbpusd-breaks-through-160","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/29\/gbpusd-breaks-through-160\/","title":{"rendered":"GBP\/USD Breaks Through 1.60"},"content":{"rendered":"

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

The Cable busted through our 2nd tier downtrend line and the psychological 1.60 level as investors return to risk.\u00a0 We view the defeat of our 2nd tier downtrend line as a significant move, giving a green light to the Cable\u2019s bull trend.\u00a0 Our 2nd tier downtrend line stretches back to July 2008 highs, meaning the GBP\/USD has a ton of room to the upside with all near-term downtrend pressures out of the way.\u00a0 Investors are reacting to a much stronger than expected Nationwide HPI release, showing home values are improving in Britain.\u00a0 Today\u2019s release counters this week\u2019s evidence that Mortgage Approvals are slowing down.\u00a0 After fighting off a dismal CBI release yesterday, bulls were waiting for a bit of good news to run with.\u00a0 Even though Britain\u2019s economic releases have been mixed this week, investors should keep in mind Britain released a wave of optimistic data over the past month.\u00a0 Today\u2019s key gains in the Cable reflect the fundamental movements made by the EUR\/USD and crude.\u00a0 Therefore, investors are returning to risk in a hurry as the global economic climate improves.<\/p>\n

Investors will be waiting for the key economic data surfacing from the U.S. today.\u00a0 If the numbers exceed analyst expectations, we could witness a strong near-term rally with U.S. equities depreciating the Dollar and sending the European currencies higher.\u00a0 Regardless, the Cable has made a statement showing that the bull trend is alive and well.\u00a0 Keep an eye on volume to see if it confirms the key upward movement occurring.\u00a0 We maintain our bullish outlook in the Cable due to the aforementioned reasons.<\/p>\n

Fundamentally, we find resistances of 1.6129, 1.6233, 1.6307, 1.6388, and 1.6462.\u00a0 To the downside, we see supports of 1.6062, 1.6011, 1.5949, 1.5886, and 1.5822.\u00a0 The GBP\/USD is currently exchanging at 1.6128.<\/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 busted through our 2nd tier downtrend line and the psychological 1.60 level as investors…<\/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-2185","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2185","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=2185"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2185\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}