{"id":2726,"date":"2009-06-29T11:01:25","date_gmt":"2009-06-29T16:01:25","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2726"},"modified":"2009-06-29T11:01:25","modified_gmt":"2009-06-29T16:01:25","slug":"gbpusd-knocks-on-the-door-of-our-3rd-tier-trend-lines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/29\/gbpusd-knocks-on-the-door-of-our-3rd-tier-trend-lines\/","title":{"rendered":"GBP\/USD Knocks on the Door of our 3rd Tier Trend Lines"},"content":{"rendered":"

By Fast Brokers <\/strong>– The GBP\/USD is knocking on the door of our 3rd tier downtrend line once again as it reaches an inflection point with our 3rd tier downtrend line.\u00a0 While the Cable is in the position to make a technical breakout today, the behavior of the GBP\/USD\u2019s correlations aren\u2019t supportive of such a movement.\u00a0 Therefore, we wouldn\u2019t be surprised to see the currency pair duck back towards our 2nd tier uptrend line as investors await Britain\u2019s release of its nationwide home price index and current account data points tomorrow.\u00a0 Regardless, the GBP\/USD is in the midst of several inflection points with key economic data and central bank announcements pouring in later this week.\u00a0 Hence, the ingredients are on the table for both the Cable and EUR\/USD to break from their trading ranges.\u00a0 While the Cable is gaining some upward momentum and seems more poised to break up than down, the table can quickly turn as we\u2019ve seen in the past.\u00a0 Since the Dollar has been moving under more of a psychological than fundamental influence over the past couple weeks, we believe incoming data and earnings reports could be the force the GBP\/USD needs to dislodge from its tight range.<\/p>\n

Volatility has increased slightly over the past few sessions with volume declining.\u00a0 The declining volume certainly isn\u2019t helpful for a currency pair trying to make technical gains, which further supports our anticipation of an immediate-term retracement towards our 2nd tier uptrend line.\u00a0 We\u2019ve yet to see the S&P make a concrete near-term directional decision with crude floating around $70\/bbl.\u00a0 While we believe a breakout to the upside is more likely than a large pullback in the Cable, anything is possible in this market.<\/p>\n

Present Price: 1.6537<\/p>\n

Resistances: 1.6538, 1.6580, 1.66627, 1.6702, 1.6768<\/p>\n

Supports: 1.6472, 1.6412, 1.6371, 1.6315, 1.6241<\/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 GBP\/USD is knocking on the door of our 3rd tier downtrend line once again as it reaches an inflection point with our 3rd tier downtrend line.\u00a0 While the Cable is in the position to make a technical breakout today, the behavior of the GBP\/USD\u2019s correlations aren\u2019t supportive of such a … <\/p>\n

Continue reading “GBP\/USD Knocks on the Door of our 3rd Tier Trend Lines”<\/span><\/a><\/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-2726","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2726","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=2726"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2726\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}