{"id":6419,"date":"2010-02-01T11:23:58","date_gmt":"2010-02-01T16:23:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6419"},"modified":"2010-02-01T11:23:58","modified_gmt":"2010-02-01T16:23:58","slug":"gbpusd-slides-as-pound-underperforms","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/01\/gbpusd-slides-as-pound-underperforms\/","title":{"rendered":"GBP\/USD Slides as Pound Underperforms"},"content":{"rendered":"

By Fast Brokers<\/strong> – It seems the Standard and Poor\u2019s bearish statement on Friday in regards to the state of the UK\u2019s financial industry has carried over into today\u2019s trading session.\u00a0 The Cable has been hit hard, plunging below its psychological 1.60 level and previous January lows as the Pound underperforms, highlighted by a solid pop in the EUR\/GBP.\u00a0 Weakness in the Pound comes despite stronger than expected Manufacturing PMI data.\u00a0 Hence, UK manufacturing, employment, and home prices are all recovering nicely right now.\u00a0 Such strong manufacturing data would normally be a positive catalyst for the Pound, yet it seems investors uncertainty surrounding the state of the global economy is overpowering more encouraging fundamental developments.\u00a0 The Cable has now caught up with the EUR\/USD and AUD\/USD, which both logged larger losses last week.\u00a0 Meanwhile, investors are awaiting America\u2019s Manufacturing PMI number.\u00a0 Furthermore, the markets will receive a monetary policy decision from the RBA during tomorrow\u2019s Asia trading session followed by Halifax and construction PMI from the UK.\u00a0 Additionally, investors should continue to monitor news concerning the Greece debt issue.\u00a0 Should the EU make a decision in regards to how it wants to handle Greece, the FX markets could experience volatility across the board.\u00a0 Momentum in the Dollar is clearly to the upside right now.\u00a0 However, it will be interesting to see how the Cable handles December 2009 lows and whether the currency pair can make a rally back to its psychological 1.60 level.<\/p>\n

Technically speaking, we\u2019ve created some new uptrend lines for the Cable running from October and December \u201909 lows.\u00a0 Furthermore, these lows could serve as technical cushions should they be reached.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with 12\/24 and 1\/08 highs.\u00a0 The psychological 1.60 area now becomes a psychological barrier.<\/p>\n

Present Price: 1.5924<\/p>\n

Resistances: 1.5932, 1.5953, 1.5979, 1.6005, 1.6024, 1.6046<\/p>\n

Supports: 1.5912, 1.5895, 1.5876, 1.5863, 1.5849, 1.5832<\/p>\n

Psychological: 1.60,\u00a0 December and October 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 – It seems the Standard and Poor\u2019s bearish statement on Friday in regards to the state of the UK\u2019s financial industry has carried over into today\u2019s trading session.\u00a0 The Cable has been hit hard, plunging below its psychological 1.60 level and previous January lows as the Pound underperforms, highlighted by a solid … <\/p>\n

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