{"id":3168,"date":"2009-07-31T12:25:09","date_gmt":"2009-07-31T17:25:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3168"},"modified":"2009-07-31T12:25:09","modified_gmt":"2009-07-31T17:25:09","slug":"gbpusd-locks-and-pops-from-our-inflection-point","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/31\/gbpusd-locks-and-pops-from-our-inflection-point\/","title":{"rendered":"GBP\/USD Locks and Pops from our Inflection Point"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is registering exciting gains after locking in on the inflection point of our 2nd tier uptrend and 3rd tier downtrend lines.\u00a0 The GBP\/USD was denied by our 3rd tier downtrend line on three previous attempts, and finally broke through on the fourth go around.\u00a0 The Pound\u2019s exertion of a relative strength is paying dividends as the GBP\/USD aims for previous July highs.\u00a0 This is a very bullish move by the GBP\/USD, and there are not many barriers left standing in the Cable\u2019s way of 1.70.\u00a0 Meanwhile, the GBP\/USD has separated itself from 1.65 while volume rises to the upside.\u00a0 We notice similar, large movements in both gold and the EUR\/USD, confirming the weight of today\u2019s breakout.\u00a0 However, the GBP\/USD may opt to top out today beneath previous July lows since next week is Britain\u2019s turn to highlight economic data headlines.\u00a0 Investors may want to see how upcoming economic data fares, and possibly the BOE\u2019s monetary policy decision before making a full commitment to 1.70.<\/p>\n

Britain will kick off next week with its Halifax HPI and Manufacturing PMI data points.\u00a0 Investors will be looking for continual improvement in Britain\u2019s housing market, confirming yesterday\u2019s positive Nationwide HPI and last week\u2019s better than expected BBA Mortgage Approvals data points.\u00a0 Investors will be paying particularly close attention to the data points leading up to Thursday\u2019s BOE monetary policy decision.\u00a0 More positive signs in economic data may lead investors to believe that the BOE won\u2019t touch its QE package, a good sign for the GBP\/USD.\u00a0 However, negative data points could have the opposite effect.\u00a0 However, economic data has already made enough encouraging developments in unemployment and housing, leading us to believe that the BOE meeting will adjourn on a positive note.\u00a0 Either way, investors will likely trade on the rumor before the BOE makes its decision.<\/p>\n

Regardless of fundamentals, the GBP\/USD is making a technical bull charge today.\u00a0 Our 3rd tier downtrend line is the final near-term downtrend line for quite a while, meaning the Cable could have a good amount of room to run.\u00a0 However, such moves can often get overextended, meaning the currency pair should log a healthy consolidative pullback sometime in the near-future.\u00a0 We can\u2019t find too many negative things to say about the Cable\u2019s technicals, usually a positive sign.<\/p>\n

Present Price: 1.6661<\/p>\n

Resistances: 1.6662, 1.6684, 1.6739, 1.6864, 1.6969<\/p>\n

Supports: 1.6624, 1.6600, 1.6563, 1.6532, 1.6506<\/p>\n

Psychological: 1.70, 1.65<\/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 registering exciting gains after locking in on the inflection point of our 2nd tier uptrend and 3rd tier downtrend lines.\u00a0 The GBP\/USD was denied by our 3rd tier downtrend line on three previous attempts, and finally broke through on the fourth go around.\u00a0 The Pound\u2019s exertion of a … <\/p>\n

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