{"id":3502,"date":"2009-08-26T12:12:50","date_gmt":"2009-08-26T17:12:50","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3502"},"modified":"2009-08-26T12:12:50","modified_gmt":"2009-08-26T17:12:50","slug":"gbpusd-collapses-in-the-wake-of-weak-core-dgo-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/26\/gbpusd-collapses-in-the-wake-of-weak-core-dgo-data\/","title":{"rendered":"GBP\/USD Collapses in the Wake of Weak Core DGO Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is crashing after U.S. Core Durable Goods Orders data came in two basis points below analyst expectations, countering the positive U.S. consumer sentiment data we\u2019ve received lately.\u00a0 The GBP\/USD is bearing the brunt of the sell-off since Britain won\u2019t re-enter the economic data news stream until tomorrow\u2019s Nationwide HPI and CBI Realized Sales releases.\u00a0 The data releases couldn\u2019t come at a better time since the Pound has suffered a relative weakness among its peers since the BOE\u2019s surprise injection of liquidity.\u00a0 Investors should keep in mind Britain\u2019s economic data was coming in strong prior to the BOE\u2019s monetary shock, so we are operating under the belief that tomorrow\u2019s heavily-weighted British data could help buoy the Pound.\u00a0 However, negative data releases from Britain may only exacerbate the Cable\u2019s present selloff.<\/p>\n

It seems the BOE may be getting what it wanted after all, a depreciation of the Pound.\u00a0 We believe the BOE was concerned the rapid appreciation of the Pound would place its companies in a competitive disadvantage and stymie Britain\u2019s economic recovery, hence the use of a monetary shock.\u00a0 The Pound has responded by selling off sharply against both the Dollar and the Euro.\u00a0 The GBP\/USD seems to have given up on its psychological 1.65 level, dropping through 8\/17 and 6\/23 lows in the process.\u00a0 The Cable is presently hoping to find a bottom along our 2nd tier uptrend line.\u00a0 If this uptrend line doesn\u2019t hold, the GBP\/USD will look to our 1st tier uptrend line and July lows for technical support along with the highly psychological 1.60 level.\u00a0 Hence, even though the present pullback may have some room to go, there are a few strong supports waiting in the wings.\u00a0 As for the topside, there are multiple barriers beginning with our 1st and 2nd tier downtrend lines.<\/p>\n

Present Price: 1.6203<\/p>\n

Resistances: 1.6224, 1.6251, 1.6286, 1.6324, 1.6367<\/p>\n

Supports: 1.6187, 1.6163, 1.6114, 1.6093, 1.6056<\/p>\n

Psychological: 1.60, 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 crashing after U.S. Core Durable Goods Orders data came in two basis points below analyst expectations, countering the positive U.S. consumer sentiment data we\u2019ve received lately.\u00a0 The GBP\/USD is bearing the brunt of the sell-off since Britain won\u2019t re-enter the economic data news stream until tomorrow\u2019s Nationwide HPI … <\/p>\n

Continue reading “GBP\/USD Collapses in the Wake of Weak Core DGO 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-3502","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3502","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=3502"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3502\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}