{"id":5223,"date":"2009-12-10T12:31:05","date_gmt":"2009-12-10T17:31:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5223"},"modified":"2009-12-10T12:31:05","modified_gmt":"2009-12-10T17:31:05","slug":"gbpusd-consolidates-above-our-2nd-tier-uptrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/10\/gbpusd-consolidates-above-our-2nd-tier-uptrend-line\/","title":{"rendered":"GBP\/USD Consolidates Above our 2nd Tier Uptrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is consolidating above our 2nd tier uptrend line after the BoE decided to keep its monetary policy unchanged as it monitors what impact the present QE package will have on overall economic performance.\u00a0 Meanwhile, bulls are trying to keep the Cable\u2019s head above water as the EUR\/USD and gold undergo similar consolidative patterns.\u00a0 Today\u2019s bounce in the Cable hasn\u2019t been too much to speak of thus far, indicating recent downward pressures are still intact.\u00a0 That being said, volatility could pick up in the next 24-48 hours as investors await key data releases from China and the U.S.\u00a0 China will print a set of data during the Asia trading session, including Industrial Production and Trade Balance figures.\u00a0 Continual outperformance by China\u2019s economy could deliver a much needed boost to the risk trade and help the Cable regain its footing.\u00a0 Following China\u2019s key data releases, Britain will print its PPI input data.\u00a0 Pricing is an important factor for the BoE when it is deciding upon its monetary policy.\u00a0 Hence, a pickup in PPI could encourage the BoE to keep its QE package as is in the future should prices recover.\u00a0 During the U.S. session, America will release Retail Sales and UoM Consumer Sentiment.\u00a0 Both data points can move markets should they surprise on either side, so investors should remain alert.<\/p>\n

Technically speaking, the Cable has dipped below key November lows and is presently testing our 2nd tier uptrend line.\u00a0 Hence, a downward pressure remains on the Cable.\u00a0 That being said, the currency pair does have our 1st and 2nd tier uptrend lines serving as technical cushions along with the psychological 1.60 area should it be tested.\u00a0 As for the topside, the Cable faces multiple downtrend lines due to recent weakness.\u00a0 Additionally, the Cable has 12\/07 and 12\/04 highs serving as technical barriers along with the psychological 1.65 level.<\/p>\n

Present Price: 1.6245<\/p>\n

Resistances: 1.6246, 1.6260, 1.6284, 1.6325, 1.6346, 1.6371<\/p>\n

Supports: 1.6211, 1.6186, 1.6163, 1.6133, 1.6113, 1.6098<\/p>\n

Psychological: 1.60, 1.65<\/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 Cable is consolidating above our 2nd tier uptrend line after the BoE decided to keep its monetary policy unchanged as it monitors what impact the present QE package will have on overall economic performance.\u00a0 Meanwhile, bulls are trying to keep the Cable\u2019s head above water as the EUR\/USD and gold … <\/p>\n

Continue reading “GBP\/USD Consolidates Above our 2nd Tier Uptrend Line”<\/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-5223","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5223","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=5223"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5223\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}