{"id":6338,"date":"2010-01-28T12:38:34","date_gmt":"2010-01-28T17:38:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6338"},"modified":"2010-01-28T12:38:34","modified_gmt":"2010-01-28T17:38:34","slug":"gbpusd-pops-on-fed-and-obama","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/28\/gbpusd-pops-on-fed-and-obama\/","title":{"rendered":"GBP\/USD Pops on Fed and Obama"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is trading slightly below intraday highs after rallying in reaction to the Fed\u2019s commitment to loose monetary policy in addition to a broad-based risk rally occurring during Obama\u2019s State of the Union.\u00a0 Volatility is really picking up and the FX markets are all over the place as investors digest data and psychological events.\u00a0\u00a0 Although U.S. Unemployment Claims printed higher than expected and Durable Goods disappointed, the Core DGO number surpassed analyst expectations.\u00a0 Hence, even though unemployment remains at a high level consumers are pickup up more pricey, longer lasting goods excluding autos.\u00a0 The U.S. will also release its Advance GDP, meaning investors will have more than enough data to sift through.\u00a0 Meanwhile, the UK will print its Nationwide HPI data tomorrow, suggesting volatility in the Cable could pick up a bit.\u00a0 It will be interesting to see how the currency pair reacts should HPI come in light considering the Pound is exhibiting a relative strength despite disappointing Prelim GDP and Realized Sales data earlier this week.\u00a0 The Pound\u2019s strength is highlighted by another large leg down in the EUR\/GBP.\u00a0 Investors should also keep an eye on gold as it battles to get back above its psychological $1100\/oz level.\u00a0 A breakout in either direction could bring the Cable along for the ride considering the two are normally positively correlated.<\/p>\n

Technically speaking, the Cable made an encouraging move today by topping January 25 highs.\u00a0 However, the currency pair is presently being negated by our multiple downtrend lines.\u00a0 In addition to these downtrend lines the Cable also faces technical obstacles in the form of 1\/20, 1\/15, and 1\/29 highs.\u00a0 As for the downside, the Cable has multiple uptrend lines serving as technical cushions along with 1\/27, 1\/26, and 1\/22 lows.\u00a0 Considering the Cable continues to set higher lows the currency pair appears to have a solid near-term support system in place.\u00a0 Furthermore, the psychological 1.60 could serve as a technical cushion should conditions deteriorate.<\/p>\n

Present Price: 1.6243<\/p>\n

Resistances: 1.6247, 1.6264, 1.6285, 1.6312, 1.6334, 1.6359<\/p>\n

Supports: 1.6223, 1.6195, 1.6171, 1.6143, 1.6119, 1.6099<\/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 is trading slightly below intraday highs after rallying in reaction to the Fed\u2019s commitment to loose monetary policy in addition to a broad-based risk rally occurring during Obama\u2019s State of the Union.\u00a0 Volatility is really picking up and the FX markets are all over the place as investors digest … <\/p>\n

Continue reading “GBP\/USD Pops on Fed and Obama”<\/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-6338","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6338","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=6338"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6338\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}