{"id":4241,"date":"2009-10-09T10:56:49","date_gmt":"2009-10-09T15:56:49","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4241"},"modified":"2009-10-09T10:56:49","modified_gmt":"2009-10-09T15:56:49","slug":"gbpusd-heads-below-1-60-after-failing-to-cross-930-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/09\/gbpusd-heads-below-1-60-after-failing-to-cross-930-highs\/","title":{"rendered":"GBP\/USD Heads Below 1.60 After Failing to Cross 9\/30 Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is moving lower today at a brisk pace after failing to eclipse 9\/30 highs and our 4th tier downtrend line.\u00a0 The Cable has proceeded to pullback towards 10\/7 lows as the FX markets experience a broad-based appreciation of the Dollar.\u00a0 The GBP\/USD\u2019s inability to climb past the aforementioned topside technical barriers leaves the door open for the currency pair to revert back to its near and medium-term downtrends.\u00a0 That being said, it will be important for the Cable to remain above 10\/7 lows and our 1st tier uptrend line since bulls don\u2019t want to break the streak of consecutive higher lows.\u00a0 Such a development could spell the beginning of a more protracted near-term selloff.\u00a0 Overall, the Cable has neglected to full participate in the breakout in gold and the AUD\/USD and the battle between the bulls and bears lives to see another day.\u00a0 Therefore, investors should eye the aforementioned topside and downside technical levels over the next few trading sessions.<\/p>\n

Volatility should pick up next week since Q3 earnings season will shift up a gear and Britain will start releasing some key economic indicators.\u00a0 It\u2019s a bit disconcerting the Cable isn\u2019t being buoyed by better than expected PPI Input data today.\u00a0 Rising prices should discourage the central bank from committing to future dovish monetary shocks.\u00a0 Perhaps investors prefer to wait for Tuesday\u2019s CPI data and the tentative release of Britain\u2019s Inflation Letter.\u00a0 If higher input prices translate to climbing consumer prices then this could help buoy the Pound.\u00a0 However, higher input prices and sluggish consumer prices would lead investors to believe that corporate profits are being pinched, implying the BoE would need to keep liquidity flowing to encourage lending.\u00a0 We maintain our negative outlook trend-wise on the Cable until our topside technials are eclipsed and we see a broad, positive fundamental change in British econ data.\u00a0 Furthermore, any uptrend in the Cable will continue to be hampered so long as the BoE holds its comparatively dovish monetary stance.<\/p>\n

Present Price: 1.5941<\/p>\n

Resistances: 1.5964, 1.5992, 1.6024, 1.6045, 1.6072, 1.6095, 1.6127<\/p>\n

Supports: 1.5921. 1.5900, 1.5862, 1.5840, 1.5809, 1.5791, 1.5766<\/p>\n

Psychological: 1.60<\/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 Cable is moving lower today at a brisk pace after failing to eclipse 9\/30 highs and our 4th tier downtrend line.\u00a0 The Cable has proceeded to pullback towards 10\/7 lows as the FX markets experience a broad-based appreciation of the Dollar.\u00a0 The GBP\/USD\u2019s inability to climb past the aforementioned topside … <\/p>\n

Continue reading “GBP\/USD Heads Below 1.60 After Failing to Cross 9\/30 Highs”<\/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-4241","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4241","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=4241"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4241\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}