{"id":2638,"date":"2009-06-24T12:15:25","date_gmt":"2009-06-24T17:15:25","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2638"},"modified":"2009-06-24T12:15:25","modified_gmt":"2009-06-24T17:15:25","slug":"gbpusd-looks-to-retest-june-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/24\/gbpusd-looks-to-retest-june-highs\/","title":{"rendered":"GBP\/USD Looks to Retest June Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable has propelled through our 3rd tier downtrend line on moderate volume as the greenback depreciates across the board.\u00a0 Investors are divesting from the dollar ahead of the Fed\u2019s decision on monetary policy later today.\u00a0 Investors believe the FOMC remains in an adverse position in regards to its ability to reign in the large amount of liquidity circulating in the market place.\u00a0 Since the U.S. is more exposed monetarily than the rest of the globe, the Dollar is being punished by investors.\u00a0 The Pound is benefiting more than the Euro since a majority of Britain\u2019s economic data continues to stream in at or above analyst expectations, including today\u2019s CBI realized sales figure.\u00a0 The CBI data point met analyst expectations, showing that although the British consumer is still struggling, at least retail is declining at a more reasonable rate than before.\u00a0 However, the GBP\/USD is mostly benefiting now from dwindling investor confidence in the U.S. Dollar.<\/p>\n

Meanwhile, the Cable is attempting to leave behind our heavily weighted 3rd tier downtrend line, and is presently re-approaching previous June highs.\u00a0 If the GBP\/USD can climb above June 3rd highs and our 1.6698 resistance, near-term gains could accelerate.\u00a0 Investors should keep a close eye on volume, for if volume matches excitement to the upside then the Cable\u2019s uptrend could reactivate rather quickly.\u00a0 As for the downside, investors should keep a watch on U.S. economic data this morning followed by the conclusion of the FOMC meeting.\u00a0 If S&P and crude futures continue their downturn the GBP\/USD may be inclined to follow suit due to their positive correlation.\u00a0 Volatility should increase today, and it is uncertain how the Dollar will react to the Fed\u2019s decision.\u00a0 Regardless, the GBP\/USD has made some encouraging moves to the upside over the past 24-48 hours, and we are tempted to reinitiate our positive outlook trend-wise on the Cable.\u00a0 A move above the aforementioned technical barriers would be a concrete move for the GBP\/USD\u2019s uptrend.<\/p>\n

Present Price: 1.6569<\/p>\n

Resistances: 1.6574, 1.6624, 1.6698, 1.6768, 1.6851<\/p>\n

Supports: 1.6532, 1.6472, 1.6412, 1.6371, 1.6315 1.6263<\/p>\n

Psychological: 1.65, 1.70<\/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 has propelled through our 3rd tier downtrend line on moderate volume as the greenback depreciates across the board.\u00a0 Investors are divesting from the dollar ahead of the Fed\u2019s decision on monetary policy later today.\u00a0 Investors believe the FOMC remains in an adverse position in regards to its ability to … <\/p>\n

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