{"id":6154,"date":"2010-01-22T13:51:28","date_gmt":"2010-01-22T18:51:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6154"},"modified":"2010-01-22T13:51:28","modified_gmt":"2010-01-22T18:51:28","slug":"gbpusd-darts-lower-following-disappointing-retail-sales","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/22\/gbpusd-darts-lower-following-disappointing-retail-sales\/","title":{"rendered":"GBP\/USD Darts Lower Following Disappointing Retail Sales"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable continued yesterday\u2019s downturn in reaction to UK Retail Sales printing a full basis point below analyst expectations.\u00a0 The Cable had held up very well during the EUR\/USD\u2019s deterioration earlier this week due to positive UK CPI and employment data.\u00a0 Hence, today\u2019s negative Retail Sales number gave investors a fundamental reason to weaken the Pound, highlighted by a sizable pop in the EUR\/GBP.\u00a0 Meanwhile, gold has dropped below $1100\/oz and the S&P futures are testing their own highly psychological 1100 level.\u00a0 That being said, the Cable\u2019s correlations are creating an environment suitable for a stronger dollar should fundamentals continue to cooperate.\u00a0 The UK will keep the data train rolling next week with the release of its Prelim GDP on Tuesday coupled with Nationwide HPI data.\u00a0 Furthermore, both the BoJ and the Fed will make monetary policy decisions, implying more volatility in the major Dollar pairs.\u00a0 Australia will kick off the week with PPI, followed by Existing Home Sales data from the U.S. the following day.\u00a0 In the meantime investors should keep a sharp eye on activity in the S&P futures and gold for any further technical setbacks.<\/p>\n

Technically speaking, the Cable does have multiple uptrend lines serving as technical supports along with the psychological 1.60 level.\u00a0 That being said, our 1st-3rd tier uptrend lines are packed tightly together, indicating an area of solid support should it be tested.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with 1\/11, 1\/04, and 1\/22 highs.\u00a0 Therefore, despite solid support in the wings, the Cable now has a hill to climb to the topside.<\/p>\n

Present Price: 1.6078<\/p>\n

Supports: 1.6073, 1.6055, 1.6026, 1.5996, 1.5971, 1.5954<\/p>\n

Resistances: 1.6099, 1.6119, 1.6142, 1.6161, 1.6180, 1.6215<\/p>\n

Psychological: 1.60, 1.65, January 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 continued yesterday\u2019s downturn in reaction to UK Retail Sales printing a full basis point below analyst expectations.\u00a0 The Cable had held up very well during the EUR\/USD\u2019s deterioration earlier this week due to positive UK CPI and employment data.\u00a0 Hence, today\u2019s negative Retail Sales number gave investors a fundamental … <\/p>\n

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