{"id":2286,"date":"2009-06-03T11:45:43","date_gmt":"2009-06-03T16:45:43","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2286"},"modified":"2009-06-03T11:45:43","modified_gmt":"2009-06-03T16:45:43","slug":"gbpusd-experiences-profit-taking-despite-stronger-than-expected-services-pmi","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/03\/gbpusd-experiences-profit-taking-despite-stronger-than-expected-services-pmi\/","title":{"rendered":"GBP\/USD Experiences Profit-Taking Despite Stronger Than Expected Services PMI"},"content":{"rendered":"

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

The Cable\u2019s intraday rally topped out at our 1.6679 resistance, or October 30 highs, as we anticipated.\u00a0 Bulls are stalling and taking profits after an incredible run with investors awaiting today\u2019s data from the U.S. and tomorrow\u2019s BOE and ECB meetings.\u00a0 Speaking of data, Britain\u2019s Services PMI came in above analyst expectations today, indicating expansion with a reading of 51.7.\u00a0 Today\u2019s Services PMI combines with climbing Construction and Manufacturing PMIs to make a home run for Britain as far as Purchasing Manager Indexes are concerned.\u00a0 Hence, we continue to see the Pound exert relative strength and we view today\u2019s movement as healthy weakness.\u00a0 Meanwhile, if the Cable can defeat our 1.6679 resistance we may witness the beginning of another near-term bull run towards the psychological 1.70 level.\u00a0 Our trend lines are gradually reaching their respective inflection points, though these collisions won\u2019t occur until next week.\u00a0 We placed a new tight near-term uptrend line on our chart to give an idea of where strong uptrend support sits.<\/p>\n

All eyes will be on the U.S. today with a wave of key economic releases at bat and the Halifax HPI and BOE meeting on deck.\u00a0 Therefore, we anticipate the volatility in major Dollar pairs to pick up and the present consolidation period may end quickly.\u00a0 Today\u2019s performance of the GBP\/USD will rely heavily on the S&P futures and their ability to hold above May highs and our 2nd tier uptrend line.\u00a0 If U.S. equities can build upon their upward momentum, then the Cable may follow suit due to their positive correlation.\u00a0 We\u2019ve seen considerable volume on up bars and we have yet to view a fundamental pullback.\u00a0 Therefore, we maintain our bullish outlook on the GBP\/USD trend-wise.<\/p>\n

Fundamentally, we find resistances of 1.6522, 1.6587, 1.6679, 1.6734, and 1.6854.\u00a0 To the downside, we see supports of 1.6462, 1.6379, 1.6343 1.6307, and 1.6233.\u00a0 The 1.65 level acts as a psychological cushion with 1.70 serving as a psychological barrier.\u00a0 The GBP\/USD is currently exchanging at 1.6501.<\/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\u2019s intraday rally topped out at our 1.6679 resistance, or October 30 highs, as we anticipated…<\/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-2286","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2286","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=2286"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2286\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}