{"id":5545,"date":"2009-12-29T10:16:07","date_gmt":"2009-12-29T15:16:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5545"},"modified":"2009-12-29T10:16:07","modified_gmt":"2009-12-29T15:16:07","slug":"gbpusd-hovers-around-1-60-in-holiday-doldrums","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/29\/gbpusd-hovers-around-1-60-in-holiday-doldrums\/","title":{"rendered":"GBP\/USD Hovers Around 1.60 in Holiday Doldrums"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is trading back below its psychological 1.60 level today despite pops in both the EUR\/USD and AUD\/USD.\u00a0 It\u2019s difficult to determine exactly what\u2019s driving the Pound lower today, as exhibited by a strong upward movement in the EUR\/GBP.\u00a0 There\u2019s limited news and data flows around Western economies as the markets enter another holiday shortened week.\u00a0 Furthermore, there\u2019s limited data from the UK until Thursday\u2019s Nationwide HPI release.\u00a0 Hence, the Pound\u2019s relative weakness today may be carrying over from last week\u2019s cautious BoE Meeting Minutes which indicated that the central bank is not likely to take any monetary action until February\u2019s meeting as governors assess the impact of recent QE measures.\u00a0 Meanwhile, the U.S. will light up the data wire today with the release of CB Consumer Confidence and HPI figures.\u00a0 More mixed data from the U.S. could weaken the Dollar further as investors lock-in profits derived from investor confidence in the U.S. economy, a positive catalyst for the Cable.\u00a0 On the other hand, strong U.S. econ data should keep the Cable subdued around 1.60 and previous December lows.<\/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 However, we\u2019ll have to see whether the Dollar\u2019s present weakness can accumulate and send the Cable back above some downtrend lines.\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: 1.5996<\/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 trading back below its psychological 1.60 level today despite pops in both the EUR\/USD and AUD\/USD.\u00a0 It\u2019s difficult to determine exactly what\u2019s driving the Pound lower today, as exhibited by a strong upward movement in the EUR\/GBP.\u00a0 There\u2019s limited news and data flows around Western economies as the … <\/p>\n

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