{"id":4816,"date":"2009-11-13T12:02:57","date_gmt":"2009-11-13T17:02:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4816"},"modified":"2009-11-13T12:02:57","modified_gmt":"2009-11-13T17:02:57","slug":"gbpusd-holds-strong-despite-eurusds-pullback","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/13\/gbpusd-holds-strong-despite-eurusds-pullback\/","title":{"rendered":"GBP\/USD Holds Strong Despite EUR\/USD\u2019s Pullback"},"content":{"rendered":"

By Fast Brokers<\/strong> – The GBP\/USD is topping out just below 1.67 after strengthening yesterday despite a sizable weakness in the EUR\/USD.\u00a0 The Pound\u2019s relative strength is highlighted by a pullback in the EUR\/GBP, and stems from Britain\u2019s much better than expected Claimant Count Change number from Wednesday.\u00a0 Britain\u2019s relative inactivity on the newswire after this data release has allowed the GBP\/USD to hold up pretty well considering investor uncertainty over the last 24 hours.<\/p>\n

However, although Britain has been quiet, today\u2019s econ data from the EU and U.S. have been disappointing all around.\u00a0 The EU\u2019s GDP data came in below analyst expectations, confirming that the EU\u2019s economic recovery is occurring at a more gradual rate than anticipated.\u00a0 Meanwhile, the U.S. Trade Balance widened, Import Prices printed 4 basis points light, and the Prelim UoM Consumer Sentiment number is discouraging.\u00a0 The S&P futures and crude are both moving lower in reaction to today\u2019s wave of data, meaning the GBP\/USD may not be far behind due to the Dollar\u2019s negative correlation with equities.\u00a0 Furthermore, investors should keep in mind that BoE Governor King announced that the central bank is still open to addition liquidity injections should the conditions warrant it.\u00a0 Therefore, if U.S. equities selloff today, the Pound\u2019s excitement over unemployment data may wear thin.<\/p>\n

Technically speaking, the GBP\/USD has some solid near-term supports in place due to the Pounds recent relative strength.\u00a0 The Cable still has our 1st and 2nd tier uptrend lines serving as technical cushions along with 11\/12 and 11\/05 lows.\u00a0 Additionally, the Cable\u2019s psychological 1.65 level could work in the currency pair\u2019s favor shout it be tested.\u00a0 As for the topside, the GBP\/USD also faces multiple downtrend lines along with 11\/11 and 11\/09 highs.\u00a0 If the Cable should break through these technical barriers, the psychological 1.70 level should serve as the next important topside technical.\u00a0 Meanwhile, investors should keep an eye on the S&P futures and well as monitor gold\u2019s ability to hold above $1100\/oz.<\/p>\n

Present Price: 1.6637<\/p>\n

Resistances: 1.6666, 1.6694, 1.6730, 1.6761, 1.6797, 1.6828<\/p>\n

Supports: 1.6615, 1.6598, 1.6574, 1.6528, 1.6497, 1.6466<\/p>\n

Psychological: 1.65, 1.70, August Highs, November Lows<\/p>\n

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

Market Commentary<\/strong><\/em> <\/span>provided by <\/span>Fast Brokers<\/strong><\/span><\/span>.<\/a><\/p>\n

Disclaimer:<\/strong> <\/span>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> <\/span>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 topping out just below 1.67 after strengthening yesterday despite a sizable weakness in the EUR\/USD.\u00a0 The Pound\u2019s relative strength is highlighted by a pullback in the EUR\/GBP, and stems from Britain\u2019s much better than expected Claimant Count Change number from Wednesday.\u00a0 Britain\u2019s relative inactivity on the newswire after … <\/p>\n

Continue reading “GBP\/USD Holds Strong Despite EUR\/USD\u2019s Pullback”<\/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-4816","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4816","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=4816"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4816\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}