{"id":3328,"date":"2009-08-13T11:15:56","date_gmt":"2009-08-13T16:15:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3328"},"modified":"2009-08-13T11:15:56","modified_gmt":"2009-08-13T16:15:56","slug":"gbpusd-consolidates-after-negative-data-from-the-u-s","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/13\/gbpusd-consolidates-after-negative-data-from-the-u-s\/","title":{"rendered":"GBP\/USD Consolidates after Negative Data from the U.S."},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is gravitating towards our 2nd tier uptrend line, trading well off intraday highs after weaker than expected retail sales and weekly unemployment claims data from the U.S.\u00a0 Meanwhile, it appears the Cable\u2019s positive correlation with U.S. equities is back in play as is the EUR\/USD\u2019s.\u00a0 However, despite the GBP\/USD\u2019s recent bounce, we haven\u2019t witnessed considerable buy-side volume while two downtrend lines and the psychological 1.70 level bear overhead.\u00a0 Therefore, there remains noticeable near-term downward pressure on the Cable.\u00a0 It seems investors could continue their directional debate with the S&P futures trading back at their highly psychological 1000 zone.\u00a0 We wouldn\u2019t be surprised to see the GBP\/USD continue to creep higher towards 1.67 as our 3rd tier uptrend line and 2nd tier downtrend lines approach their inflection point.\u00a0\u00a0 We recognizing an oncoming inflection point in gold as well, indicating the trading week could end on a volatile note.<\/p>\n

Economic data will be quiet on the British front for the remainder of the week, leaving the GBP\/USD\u2019s performance dependent on its positive correlation with U.S. equities.\u00a0 Wednesday\u2019s CCC number and Britain\u2019s slight rise in its headline unemployment rate show the rapid improvement in the UK\u2019s labor market is leveling off.\u00a0 Therefore, the Pound could experience relative weakness over the next couple trading sessions, especially if the EU\u2019s CPI data can beat expectations as did today\u2019s GDP releases.\u00a0 Technically speaking, The GBP\/USD must confront our 3rd tier and 2nd tier downtrend lines along with the psychological 1.67 level and June 30th highs.\u00a0 As for the downside, the Cable has our 1st and 2nd tier downtrend lines to rely upon along with intraday lows and the highly psychological 1.65 area.<\/p>\n

Present Price: 1.6592<\/p>\n

Resistances: 1.6611, 1.6632, 1.6648, 1.6665, 1.6702<\/p>\n

Supports: 1.6561, 1.6543, 1.6524, 1.6505, 1.6472<\/p>\n

Psychological: 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 gravitating towards our 2nd tier uptrend line, trading well off intraday highs after weaker than expected retail sales and weekly unemployment claims data from the U.S.\u00a0 Meanwhile, it appears the Cable\u2019s positive correlation with U.S. equities is back in play as is the EUR\/USD\u2019s.\u00a0 However, despite the GBP\/USD\u2019s … <\/p>\n

Continue reading “GBP\/USD Consolidates after Negative Data from the U.S.”<\/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-3328","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3328","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=3328"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3328\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}