{"id":5944,"date":"2010-01-18T13:03:39","date_gmt":"2010-01-18T18:03:39","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5944"},"modified":"2010-01-18T13:03:39","modified_gmt":"2010-01-18T18:03:39","slug":"gbpusd-fluctuates-between-trend-lines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/18\/gbpusd-fluctuates-between-trend-lines\/","title":{"rendered":"GBP\/USD Fluctuates Between Trend Lines"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is trading off of intraday highs after setting new January highs.\u00a0 The Cable continues to hold strong technically after the Pound outperformed last week amid positive UK data flows.\u00a0 However, the Cable has remained within the confines of our trend lines as we notice range-bound behavior in the EUR\/USD and gold as well.\u00a0 This behavior tells us that investors are still having a directional debate due to the negatively mixed U.S. economic data so far this month.\u00a0 However, activity should heat up as the weak progresses.\u00a0 The earnings season will kick into first gear and we\u2019ve got a slew of economic data on deck.\u00a0 The UK will release CPI data along with the BoE\u2019s Inflation Letter.\u00a0 The BoE seems intent on using inflation as a barometer guiding its monetary policy.\u00a0 Therefore, a larger than expected increase in prices could boost the Cable as investors speculate a more hawkish monetary stance from the BoE.\u00a0 On the other hand, sluggish pricing data could take some of the wind out of the Pound\u2019s sails and test the resilience of our uptrend lines.\u00a0 Additionally, the U.S. will release PPI and Building Permits data on Wednesday followed by China\u2019s GDP and Industrial Production numbers during Thursday\u2019s Asia trading session.\u00a0 Hence, volatility could really pick up as the week wears on.<\/p>\n

Technically speaking, we recognize the Cable\u2019s trend lines are approaching inflection points, a signal that heightened volatility could be approaching.\u00a0 Meanwhile, the Cable is still trading above 1\/04 and 1\/15 lows with multiple uptrend lines serving as technical cushions.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with intraday and 12\/16 highs.\u00a0 Our 4th tier downtrend line runs through December \u201909 highs.\u00a0 Therefore, an eclipse of our 4th tier could yield a more sizable leg up.<\/p>\n

Present Price: 1.6310<\/p>\n

Supports: 1.6281, 1.6262, 1.6238, 1.6214, 1.6184, 1.6161<\/p>\n

Resistances: 1.6318, 1.6340, 1.6360, 1.6379, 1.6407, 1.6431<\/p>\n

Psychological: 1.60, 1.65, January highs and 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 is trading off of intraday highs after setting new January highs.\u00a0 The Cable continues to hold strong technically after the Pound outperformed last week amid positive UK data flows.\u00a0 However, the Cable has remained within the confines of our trend lines as we notice range-bound behavior in the EUR\/USD … <\/p>\n

Continue reading “GBP\/USD Fluctuates Between Trend Lines”<\/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-5944","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5944","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=5944"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5944\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}