{"id":3628,"date":"2009-09-03T11:46:43","date_gmt":"2009-09-03T16:46:43","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3628"},"modified":"2009-09-03T11:46:43","modified_gmt":"2009-09-03T16:46:43","slug":"gbpusd-finds-support-in-our-3rd-tier-uptrend-line-once-again-3","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/03\/gbpusd-finds-support-in-our-3rd-tier-uptrend-line-once-again-3\/","title":{"rendered":"GBP\/USD Finds Support in our 3rd Tier Uptrend Line Once Again"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable added onto recent strength by propelling off of our 1st tier uptrend line after Britain\u2019s Services PMI printed ahead of analyst expectations.\u00a0 A piece of positive data was surely welcomed by the Pound bulls considering all of the weak numbers as of late.\u00a0 The data was particularly reassuring since services comprise a large portion of Britain\u2019s GDP, more so than manufacturing.\u00a0 The Pound\u2019s relative strength is highlighted by the sharp contraction in the EUR\/GBP.\u00a0 The EUR\/GBP\u2019s run has come to an abrupt halt and investors continue to snap up an oversold Pound.\u00a0 Britain\u2019s Halifax HPI will be printing tomorrow along with key U.S. unemployment data and the kickoff of the G20 Summit.\u00a0 While we expect a strong HPI number from Britain, the U.S. unemployment data may disappoint.\u00a0 However, this week\u2019s discouraging data from the U.S. may soften the blow should the headline Unemployment Rate come in higher than expected.<\/p>\n

As we explained in our EUR\/USD analysis, the G20 Summit could prove to be the wildcard jolting the FX markets from their consolidative pattern.\u00a0 Such an effect would require China bringing the topic of a new monetary standard back to the forefront.\u00a0 With Chinese equity markets shaking and FX markets in a dazed state, now could be an opportune time for China to bring the topic of conversation to a larger stage.\u00a0 Such an event would surely rattle the FX markets.\u00a0 The GBP\/USD and EUR\/USD both have multiple inflection points approaching, indicating volatility could return soon.\u00a0 However, this is purely speculative conversation and we are simply thinking aloud.\u00a0 Odds are the G20 nations will exit the conference with a unified message in the hopes of maintaining global economic stability.<\/p>\n

Technically speaking, the Cable is fortunate to have found support in our 1st and 2nd tier uptrend lines.\u00a0 If not, we would have surely witnessed a retest of the highly psychological 1.60 level.\u00a0 Not to mention our 1st tier trend line is sitting in the depths below.\u00a0 While the GBP\/USD has 1.60, the EUR\/USD has 1.40.\u00a0 Therefore, even though there may be some more space to the downside, each major Dollar cross has a strong psychological level waiting in the wings.\u00a0 On the other hand, the GBP\/USD has quite a ways to go to re-establish its upward momentum.\u00a0 The GBP\/USD has to deal with our 2nd and 3rd tier downtrend lines along with the highly psychological 1.65 level.\u00a0 Therefore, there remains a consolidative with a slight downward bias.<\/p>\n

Present Price: 1.6344<\/p>\n

Resistances: 1.6360, 1.6376, 1.6408, 1.6443, 1.6469, 1.6520<\/p>\n

Supports: 1.6324, 1.6300, 1.6267, 1.6239, 1.6212<\/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 Cable added onto recent strength by propelling off of our 1st tier uptrend line after Britain\u2019s Services PMI printed ahead of analyst expectations.\u00a0 A piece of positive data was surely welcomed by the Pound bulls considering all of the weak numbers as of late.\u00a0 The data was particularly reassuring since … <\/p>\n

Continue reading “GBP\/USD Finds Support in our 3rd Tier Uptrend Line Once Again”<\/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-3628","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3628","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=3628"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3628\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}