{"id":5626,"date":"2010-01-04T09:49:35","date_gmt":"2010-01-04T14:49:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5626"},"modified":"2010-01-04T09:49:35","modified_gmt":"2010-01-04T14:49:35","slug":"gbpusd-trades-higher-after-encouraging-data-set","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/04\/gbpusd-trades-higher-after-encouraging-data-set\/","title":{"rendered":"GBP\/USD Trades Higher after Encouraging Data Set"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable has recovered nicely from December lows and strengthened earlier today following an encouraging data set.\u00a0 Britain\u2019s Manufacturing PMI, Net Lending to Individuals, and Mortgages Approvals data all printed stronger than expected, an encouraging sign for the Pound ahead of Thursday\u2019s BoE monetary policy meeting.\u00a0 However, at its previous meeting the BoE did imply that it would likely take a wait-and-see approach in regards to inflation before deciding whether to take action monetarily.\u00a0 Therefore, should the rest of this week\u2019s UK economic data print positively the BoE would be encouraged to keep its monetary policy unchanged before February\u2019s meeting.\u00a0 Speaking of economic data, tomorrow the UK will release its Halifax HPI figure followed by Services PMI data on Wednesday.\u00a0 The Services PMI number should garner additional attention since the services industry comprises a majority of the UK\u2019s GDP.\u00a0 Meanwhile, investors will be eyeing America\u2019s ISM Manufacturing PMI report coming later today.\u00a0 A stronger than expected U.S. Manufacturing PMI number could take a bite out of the Cable\u2019s intraday gains as investors favor the Dollar again.\u00a0 However, weak U.S. data would be another reason for investors to snap up the Cable and could lead to a test of 12\/11\/09 highs.<\/p>\n

Technically speaking, the Cables pop back above its psychological 1.60 level is an encouraging sign considering the extent of December\u2019s pullback.\u00a0 That being said, the Cable does have a downward force at play until the currency pair can overcome a few more topside barriers.\u00a0 The Cable faces multiple downtrend lines along 12\/11, 12\/16, and 12\/7 highs.\u00a0 Furthermore, the psychological 1.65 level could serve as a topside obstacles should it be tested.\u00a0 As for the downside, the Cable now has multiple uptrend lines serving as technical cushions along with intraday, 12\/23, and 12\/30 lows.\u00a0 Additionally, the psychological 1.60 level could serve as a sturdy support should it be tested.<\/p>\n

Present Price: 1.6155<\/p>\n

Resistances: 1.6164, 1.6185, 1.6204, 1.6240, 1.6266, 1.6289<\/p>\n

Supports: 1.6134, 1.6105, 1.6075, 1.6050, 1.6024, 1.5976<\/p>\n

Psychological: 1.60, December highs and 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 has recovered nicely from December lows and strengthened earlier today following an encouraging data set.\u00a0 Britain\u2019s Manufacturing PMI, Net Lending to Individuals, and Mortgages Approvals data all printed stronger than expected, an encouraging sign for the Pound ahead of Thursday\u2019s BoE monetary policy meeting.\u00a0 However, at its previous meeting … <\/p>\n

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