{"id":5017,"date":"2009-11-30T13:12:32","date_gmt":"2009-11-30T18:12:32","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5017"},"modified":"2022-09-20T14:41:20","modified_gmt":"2022-09-20T14:41:20","slug":"gbpusd-drifts-lower-as-investors-digest-dubai","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/30\/gbpusd-drifts-lower-as-investors-digest-dubai\/","title":{"rendered":"GBP\/USD Drifts Lower as Investors Digest Dubai"},"content":{"rendered":"

By Fast Brokers <\/strong>– As with the EUR\/USD, the GBP\/USD recovered well from Friday lows considering the uncertainty surrounding Dubai\u2019s debt situation.\u00a0 Although analysts are still trying to clarify the details of what has occurred, the Cable managed to piece together a solid rally back above our 1st tier uptrend line.\u00a0 However, the GBP\/USD is drifting lower again after the bounce topped off at our 2nd tier downtrend line and 10\/29 highs.\u00a0 The Pound is still experiencing relative weakness, highlighted by today\u2019s solid performance thus far by the EUR\/GBP.\u00a0 The Pound\u2019s weakness stems from both GfK Consumer Confidence and Net Lending to Individuals printing below analyst expectations.\u00a0 Additionally, BoE Governor King\u2019s latest comments regarding the central bank\u2019s present monetary stance were a bit more opaque than what investors<\/a> were looking for.\u00a0 As a result, the Cable is being dragged lower while investors figure out where to send this market as the Dubai situation unfolds.<\/p>\n

Meanwhile, the data train will keep on rolling with China\u2019s Manufacturing PMI late Monday EST followed by the RBA\u2019s monetary policy decision.\u00a0 A strong China PMI number coupled with a hawkish stance by the RBA could help turn the Cable and the risk trade around.\u00a0 Britain will release Manufacturing PMI data of its own on Tuesday coupled with Nationwide and HPI numbers.\u00a0 Nationwide was recently a bit cautious concerning its outlook for UK housing prices in 2010, therefore it will be interesting to see how tomorrow\u2019s HPI release turns out.<\/p>\n

Technically speaking, the Cable\u2019s more critical technical levels seem to be previous November lows along with our 1st tier uptrend line.\u00a0 Hence, the Cable\u2019s pop from Friday lows have helped create some breathing room to the downside.\u00a0 Our 1st tier uptrend line runs through October lows, meaning a failure of our 1st tier could potentially result in a retracement<\/a> towards the 1.57 area.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with 11\/25 highs and the psychological level<\/a> of 1.65.\u00a0 Hence, there are quite a few near-term topside obstacles, and the immediate-term goal for bulls will likely be continued stabilization with a topside preference.<\/p>\n

Present Price: 1.6446<\/p>\n

Resistances: 1.6468, 1.6489, 1.6532, 1.6568, 1.6596, 1.6634, 1.6673<\/p>\n

Supports: 1.6409, 1.6359, 1.6327, 1.6301, 1.6285, 1.6251, 1.6235<\/p>\n

Psychological: 1.65, November Lows and Highs<\/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 – As with the EUR\/USD, the GBP\/USD recovered well from Friday lows considering the uncertainty surrounding Dubai\u2019s debt situation.\u00a0 Although analysts are still trying to clarify the details of what has occurred, the Cable managed to piece together a solid rally back above our 1st tier uptrend line.\u00a0 However, the GBP\/USD is … <\/p>\n

Continue reading “GBP\/USD Drifts Lower as Investors Digest Dubai”<\/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":[4],"tags":[],"class_list":["post-5017","post","type-post","status-publish","format-standard","hentry","category-financial-market-news"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5017","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=5017"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5017\/revisions"}],"predecessor-version":[{"id":42433,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5017\/revisions\/42433"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}