{"id":5507,"date":"2009-12-24T09:05:40","date_gmt":"2009-12-24T14:05:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5507"},"modified":"2009-12-24T09:05:40","modified_gmt":"2009-12-24T14:05:40","slug":"gbpusd-climbs-back-to-psychological-1-60-level","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/24\/gbpusd-climbs-back-to-psychological-1-60-level\/","title":{"rendered":"GBP\/USD Climbs Back to Psychological 1.60 Level"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Cable is stabilizing today as investors take profits in the Dollar across the board.\u00a0 However, the Pound is exhibiting a relative weakness, as highlighted by a pop in the EUR\/GBP.\u00a0 Weakness in the Pound likely stems from yesterday\u2019s BoE Meeting Minutes, which indicated that the central bank is still cautious due to the disconcerting decline in the money supply.\u00a0 However, the BoE will continue to monitor the effectiveness of its current QE measures, meaning any action may be delayed until February\u2019s meeting.\u00a0 On a positive note, all 9 BoE members voted in unison to keep the central bank\u2019s monetary policy unchanged.\u00a0 Hence, all BoE members are on the same page with a wait-and-see approach.\u00a0 Meanwhile, the Cable will likely follow any broad-based moves in the Dollar due to the lack of UK economic data until next week\u2019s Nationwide HPI release.\u00a0 That being said, investors should monitor the Greenback\u2019s reaction to today\u2019s U.S. Unemployment Claims and Durable Goods Orders releases.\u00a0 Should today\u2019s U.S. econ data echo yesterday\u2019s negative sentiment then investors may continue to lock-in gains on the Dollar, a positive catalyst for the Cable.\u00a0 On the other hand, should U.S. data print positively, investors may snap up the Dollar again and leave the Cable around December lows.\u00a0 However, activity should gradually cool down as the session progresses as investors check out for the Christmas holiday.<\/p>\n

Technically speaking, the Cable\u2019s large pullback this month has sent the currency pair below some key technical levels.\u00a0 Hence, it\u2019s possible the Cable could be entering a more protracted downturn.\u00a0 The Cable has now dropped below our 2nd tier uptrend line with our 1st tier uptrend waiting far below (Off Chart).\u00a0 That being said, the fact we are now using March lows, or the 1.40 area, to create uptrend lines gives investors an idea of the extent of the damage inflicted by the Cable\u2019s December pullback.\u00a0 Meanwhile, it will be interesting to see if the Cable can add onto intraday gains and gain some topside separation from 1.60.\u00a0 If not, the Cable does have some technical supports in the form of September and October lows.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with 12\/18 and 12\/16 highs.<\/p>\n

Present Price: 1.6001<\/p>\n

Resistances: 1.6005, 1.6023, 1.6045, 1.6071, 1.6096, 1.6132<\/p>\n

Supports: 1.5972, 1.5943, 1.5917, 1.5899, 1.5875, 1.5845<\/p>\n

Psychological: 1.60, 1.65, September and October lows<\/p>\n

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

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/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 – The Cable is stabilizing today as investors take profits in the Dollar across the board.\u00a0 However, the Pound is exhibiting a relative weakness, as highlighted by a pop in the EUR\/GBP.\u00a0 Weakness in the Pound likely stems from yesterday\u2019s BoE Meeting Minutes, which indicated that the central bank is still cautious … <\/p>\n

Continue reading “GBP\/USD Climbs Back to Psychological 1.60 Level”<\/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-5507","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5507","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=5507"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5507\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}