{"id":5329,"date":"2009-12-16T10:54:25","date_gmt":"2009-12-16T15:54:25","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5329"},"modified":"2009-12-16T10:54:25","modified_gmt":"2009-12-16T15:54:25","slug":"gbpusd-pops-with-strong-ccc-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/16\/gbpusd-pops-with-strong-ccc-data\/","title":{"rendered":"GBP\/USD Pops with Strong CCC Data"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Cable is popping right now after the UK\u2019s Claimant Count Change unexpectedly dropped by -6,300.\u00a0 The Pound is outperforming in reaction to the positive employment data, as highlighted by a brisk pullback in the EUR\/GBP.\u00a0 Meanwhile, investors are awaiting the release of U.S. Building Permits along with its CPI data followed by the Fed\u2019s monetary policy decision later in the afternoon.\u00a0 Although the Fed is likely to keep its monetary policy unchanged, investors will be paying close attention to the Fed\u2019s wording to monitor whether the central bank takes a more hawkish stance in light of positive developments in U.S. unemployment and consumption data.\u00a0\u00a0 Bernanke reiterated the Fed\u2019s present commitment to its loose monetary policy the last time he spoke following encouraging employment data.\u00a0 Hence, it could be a risk to expect the Fed will alter its stance less than two weeks later.\u00a0 That being said, any unexpected action from the Fed would likely yield noticeable volatility due to the psychological influence of central banks on the FX markets.\u00a0 Regardless, activity could pick up in the next 24-48 considering the wealth of data and news investors will be digesting.<\/p>\n

Meanwhile, should upcoming U.S. data print mixed or negative the Cable could tack onto intraday gains since the argument from a tighter Fed monetary policy may lose some of its luster.\u00a0 The UK will keep the data train rolling tomorrow with the release of key consumption data, including Retail Sales and CBI Realized Sales.\u00a0 If UK consumption picks up faster than anticipated, this could be a positive catalyst for the Cable since investors may expect a more conservative monetary policy stance from the BoE.<\/p>\n

Technically speaking, the Cable has created some breathing room between present price and our key 2nd tier uptrend line.\u00a0 Our 2nd tier uptrend line runs through October lows, implying a retracement towards the 1.58-1.60 area should it give way.\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 has been negated thus far today by our 1st tier downtrend line and 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: 1.6356<\/p>\n

Resistances: 1.6371, 1.6399, 1.6421, 1.6439, 1.6472, 1.6494<\/p>\n

Supports: 1.6337, 1.6325, 1.6304, 1.6282, 1.6257, 1.6223<\/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 popping right now after the UK\u2019s Claimant Count Change unexpectedly dropped by -6,300.\u00a0 The Pound is outperforming in reaction to the positive employment data, as highlighted by a brisk pullback in the EUR\/GBP.\u00a0 Meanwhile, investors are awaiting the release of U.S. Building Permits along with its CPI data … <\/p>\n

Continue reading “GBP\/USD Pops with Strong CCC Data”<\/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-5329","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5329","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=5329"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5329\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}