{"id":3444,"date":"2009-08-21T11:13:03","date_gmt":"2009-08-21T16:13:03","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3444"},"modified":"2009-08-21T11:13:03","modified_gmt":"2009-08-21T16:13:03","slug":"gbpusd-stares-down-813-highs-after-positive-eu-and-u-s-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/21\/gbpusd-stares-down-813-highs-after-positive-eu-and-u-s-data\/","title":{"rendered":"GBP\/USD Stares Down 8\/13 Highs After Positive EU and U.S. Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is moving higher after EU PMI and U.S. Existing Home Sales data surpassed analyst expectations.\u00a0 The S&P futures are setting new 2009 highs while the EUR\/USD tests some important technical barriers to the topside.\u00a0 However, the GBP\/USD is only participating partially since investors are still sour about the level of debt in Britain.\u00a0 Furthermore, this has been a relatively light week data-wise for the UK, giving investors less incentive to be bullish on the Pound after the surprising details of the BOE\u2019s meeting minutes. The Cable is participating nonetheless, since a breakout in the S&P futures is certainly positive for the concept of a global economic recovery.\u00a0 Meanwhile, we noticed investors started snapping up the USD\/JPY after the U.S. Existing Homes Data, showing us investors are dipping their toes back into risk.\u00a0 This is positive for the GBP\/USD\u2019s near-term outlook since the Pound should be considered a riskier currency at the point in time.<\/p>\n

Despite today\u2019s breakout in the S&P futures and the GBP\/USD\u2019s tilt upwards, the currency pair still faces our 3rd tier downtrend line and August 13th highs.\u00a0 The GBP\/USD will likely need some solid backing volume-wise to get past these two technical obstacles.\u00a0 The currency pair continues to gravitate towards its psychological 1.65 range, and is stuck in a consolidative mindset right now.\u00a0 However, the GBP\/USD\u2019s near and medium-term slopes are positive, giving us reason to believe momentum ultimately lies in favor of the bulls.\u00a0 Meanwhile, the Cable has our 1st and 2nd trend lines to fall back on along with intraday and 8\/19 lows.\u00a0 Britain\u2019s economic data will get a little more active next week, beginning with Nationwide HPI on Monday.<\/p>\n

Present Price: 1.6517<\/p>\n

Resistances: 1.6551, 1.6569, 1.6608, 1.6631, 1.6659<\/p>\n

Supports: 1.6512, 1.6482, 1.6455, 1.6430, 1.6407<\/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 moving higher after EU PMI and U.S. Existing Home Sales data surpassed analyst expectations.\u00a0 The S&P futures are setting new 2009 highs while the EUR\/USD tests some important technical barriers to the topside.\u00a0 However, the GBP\/USD is only participating partially since investors are still sour about the level … <\/p>\n

Continue reading “GBP\/USD Stares Down 8\/13 Highs After Positive EU and U.S. Data”<\/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-3444","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3444","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=3444"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3444\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}