{"id":3929,"date":"2009-09-21T11:25:18","date_gmt":"2009-09-21T16:25:18","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3929"},"modified":"2009-09-21T11:25:18","modified_gmt":"2009-09-21T16:25:18","slug":"gbpusd-fights-to-stay-above-september-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/21\/gbpusd-fights-to-stay-above-september-lows\/","title":{"rendered":"GBP\/USD Fights to Stay Above September Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The GBP\/USD is battling to stay above previous September lows in order to forgo another negative technical development.\u00a0 Bulls are swooping in and buoying the Pound across the board; notice topside consolidation in the EUR\/GBP.\u00a0 Sterling has taken a beating over the past couple sessions after BoE Governor King\u2019s dovish most recent dovish statements finally sank in.\u00a0 However, investors may opt to keep the GBP\/USD above September lows and avoid a retest of the highly psychological 1.60 level until we see whether the BoE follows through on King\u2019s dovish contemplations.\u00a0 Meanwhile, there is heightened uncertainty regarding the extent of the BoE\u2019s dovish behavior.\u00a0 Although investors have priced in further liquidity measures, it remains to be seen how aggressive the monetary policy will be.\u00a0 On the other hand, any hesitation or lack of action by the BoE would likely result in a huge rally in the Cable.\u00a0 Britain\u2019s economic data wasn\u2019t so bad last week, employment and pricing data printed in line or above analyst expectations.\u00a0\u00a0 Therefore, the GBP\/USD\u2019s relentless weakness clearly took its cue from King\u2019s psychological monetary shock.\u00a0 Britain won\u2019t be releasing much noteworthy econ data this week, leaving the GBP\/USD\u2019s performance up to the BoE\u2019s monetary policy decision, U.S. equities, and the psychological forces surrounding the G20 summit.\u00a0 Hence, investors should pay close attention to the behavior of the S&P futures and their interaction with our 1st tier uptrend line and 9\/15 lows should they be tested.<\/p>\n

The technical key will be for the Cable to stay above September lows and the highly psychological 1.60 level should the pullback continue.\u00a0 As for the topside, the Cable faces multiple downtrend lines and the 1.65 level becomes a psychological barrier once again.\u00a0 The Cable is skating on thin ice now since we\u2019re running low on uptrend lines.\u00a0 Therefore, this week\u2019s trading could play a large role in determining whether we are witnessing the beginning of a more protracted pullback in the market.<\/p>\n

Present Price: 1.6171<\/p>\n

Resistances: 1.6181, 1.6202, 1.6225, 1.6238, 1.6258, 1.6288<\/p>\n

Supports: 1.6151, 1.6142, 1.6113, 1.6094, 1.6071<\/p>\n

Psychological: 1.60, 1.65<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/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 GBP\/USD is battling to stay above previous September lows in order to forgo another negative technical development.\u00a0 Bulls are swooping in and buoying the Pound across the board; notice topside consolidation in the EUR\/GBP.\u00a0 Sterling has taken a beating over the past couple sessions after BoE Governor King\u2019s dovish most … <\/p>\n

Continue reading “GBP\/USD Fights to Stay Above September Lows”<\/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-3929","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3929","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=3929"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3929\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}