{"id":2458,"date":"2009-06-12T10:35:56","date_gmt":"2009-06-12T15:35:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2458"},"modified":"2009-06-12T10:35:56","modified_gmt":"2009-06-12T15:35:56","slug":"gbpusd-deflects-off-our-3rd-tier-trend-lines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/12\/gbpusd-deflects-off-our-3rd-tier-trend-lines\/","title":{"rendered":"GBP\/USD Deflects Off our 3rd Tier Trend Lines"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is deflecting off our 3rd tier uptrend and downtrend lines as the S&P futures battle their 1st tier uptrend line.\u00a0 Weakness in the GBP\/USD also comes in reaction to a large pullback in gold.\u00a0 Since Britain is quiet on the economic data front, the Cable is taking its cue from correlations.\u00a0 Meanwhile, the Cable continues to flex its relative strength as anticipated.\u00a0 Since we\u2019ve seen a little more data from the rest of the world this week, investors are eating off of the plate of outperforming data we\u2019ve seen from Britain over the past 5 or 6 weeks.\u00a0 However, investors should take note of the fundamental downward movement in gold today.\u00a0 The precious metal is normally positively correlated with the EUR\/USD and GBP\/USD, so the pullback in gold could be indicating further strength in the Dollar.<\/p>\n

The key for relative stability in the Cable will likely be the ability for the S&P and crude futures to hold onto their positive momentum.\u00a0 For if these investment vehicles make sizable movements to the downside, the GBP\/USD would likely be inclined to follow suit, though to a lesser degree.\u00a0 Meanwhile, the GBP\/USD has plenty of uptrend lines and the psychological 1.60 level to rely upon to the downside.\u00a0 Therefore, the medium-term uptrend is padded and investors should be too concerned about near-term weakness.\u00a0 The only thing that could knock the GBP\/USD off its horse would likely be a large, consistent contraction in future economic data.<\/p>\n

Present Price: 1.6395<\/p>\n

Resistances: 1.6412, 1.6498, 1.6572, 1.6631<\/p>\n

Supports: 1.6371, 1.6315, 1.6263, 1.6210, 1.6141<\/p>\n

Psychological: 1.65, 1.60<\/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 deflecting off our 3rd tier uptrend and downtrend lines as the S&P futures battle their 1st tier uptrend line.\u00a0 Weakness in the GBP\/USD also comes in reaction to a large pullback in gold.\u00a0 Since Britain is quiet on the economic data front, the Cable is taking its cue … <\/p>\n

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