{"id":5769,"date":"2010-01-11T11:29:15","date_gmt":"2010-01-11T16:29:15","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5769"},"modified":"2010-01-11T11:29:15","modified_gmt":"2010-01-11T16:29:15","slug":"gbpusd-moves-higher-with-broad-based-dollar-weakness","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/11\/gbpusd-moves-higher-with-broad-based-dollar-weakness\/","title":{"rendered":"GBP\/USD Moves Higher with Broad-Based Dollar Weakness"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Cable bounced off of what is now our 1st tier uptrend line on solid volume as the Dollar experience broad-based weakness in the wake of solid Trade Balance data from China.\u00a0 However, the Cable\u2019s rally has currency stopped short of previous January highs as investors away UK BRC Retail Sales Monitor and RICH House Price Balance data during the evening session.\u00a0 Regardless, the story dominating the headlines right now is China\u2019s continued recovery from the nadir of the economic crisis.\u00a0 Imports swelled and exports turned positive, indicating consumption in China and around the globe is recovering.\u00a0 China\u2019s imports outpaced exports, implied by a weaker than expected overall Trade Balance figure.\u00a0 Hence, investors are feeling comfortable with heading back to the risk trade as demand for products outside of China is on the rise.\u00a0 The UK will release Trade Balance data of its own during Tuesday trading session with investors expecting a deficit of -6.9 billion.<\/p>\n

Technically speaking, today\u2019s rally has created some breathing room between present price and the psychological 1.60 level once again.\u00a0 However, the Cable still faces multiple downtrend lines along with previous January highs.\u00a0 Furthermore, the 12\/9-12\/15 trading range could prove to be a solid barrier should it be reached.\u00a0 Therefore, quite a few obstacles remain considering the extent of December\u2019s downturn.\u00a0 As for the downside, the Cable has multiple uptrend lines serving as technical cushions along with the psychological 1.60 level and previous January lows.
\nPresent Price: 1.6129<\/p>\n

Resistances: 1.6162, 1.6181, 1.6219, 1.6246, 1.6286, 1.6318<\/p>\n

Supports: 1.6108, 1.6071, 1.6052, 1.6028, 1.5987, 1.5950<\/p>\n

Psychological: 1.60, January highs and lows, December lows, September lows<\/p>\n

(click to enlarge)<\/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 bounced off of what is now our 1st tier uptrend line on solid volume as the Dollar experience broad-based weakness in the wake of solid Trade Balance data from China.\u00a0 However, the Cable\u2019s rally has currency stopped short of previous January highs as investors away UK BRC Retail Sales … <\/p>\n

Continue reading “GBP\/USD Moves Higher with Broad-Based Dollar Weakness”<\/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-5769","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5769","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=5769"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5769\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}