{"id":5261,"date":"2009-12-14T11:46:50","date_gmt":"2009-12-14T16:46:50","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5261"},"modified":"2009-12-14T11:46:50","modified_gmt":"2009-12-14T16:46:50","slug":"gbpusd-consolidates-along-our-2nd-tier-uptrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/14\/gbpusd-consolidates-along-our-2nd-tier-uptrend-line\/","title":{"rendered":"GBP\/USD Consolidates Along our 2nd Tier Uptrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is consolidating along our 2nd tier uptrend line as we notice similar intraday patters in the EUR\/USD and gold.\u00a0 Due to the relative lack of economic data, it seems investors are waiting for tomorrow\u2019s slew of data from across the globe.\u00a0 Britain will release more pricing data on Tuesday, including CPI and RPI data points.\u00a0 Tomorrow\u2019s data will go along with Friday\u2019s disappointing PPI figure.\u00a0 Hence, it will be interesting to see if we witness a broad decline in UK prices.\u00a0 Should all pricing data print below analyst expectations it may be difficult for the BoE to maintain its new neutral\/hawkish monetary stance.\u00a0 Furthermore, if tomorrow\u2019s UK pricing data prints negatively and U.S. data outperforms once again, we could witness another wave of Dollar buying similar to what occurred on Friday.\u00a0 Meanwhile, FX investors are presently showing little reaction to Abu Dhabi\u2019s announcement that it will provide $10 billion to help Dubai settle some of its expiring debt.\u00a0 However, we will have to see how U.S. equities open and whether activity picks up as the session progresses.<\/p>\n

Technically speaking, the Cable appears to be flirting with dangerous territory since our 2nd tier uptrend line runs through October lows.\u00a0 Hence, should our 2nd tier uptrend line give way we could witness another sizable leg down towards the 1.58-1.60 area.\u00a0 Below our 2nd tier uptrend line the Cable does have our 1st tier uptrend line (off chart) serving as a technical cushion along with the psychological 1.60 level, September lows and October lows.\u00a0 As for the topside, the Cable still faces multiple downtrend lines along with 12\/9 and 12\/7 highs.\u00a0 Furthermore, the psychological 1.65 level could serve as a technical barrier should it be tested.<\/p>\n

Present Price: 1.6233<\/p>\n

Resistances: 1.6265, 1.6286, 1.6325, 1.6346, 1.6371, 1.6405<\/p>\n

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

Psychological: 1.60, 1.65, September and October 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 Cable is consolidating along our 2nd tier uptrend line as we notice similar intraday patters in the EUR\/USD and gold.\u00a0 Due to the relative lack of economic data, it seems investors are waiting for tomorrow\u2019s slew of data from across the globe.\u00a0 Britain will release more pricing data on Tuesday, … <\/p>\n

Continue reading “GBP\/USD Consolidates Along 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-5261","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5261","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=5261"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5261\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}