{"id":6473,"date":"2010-02-02T11:41:20","date_gmt":"2010-02-02T16:41:20","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6473"},"modified":"2010-02-02T11:41:20","modified_gmt":"2010-02-02T16:41:20","slug":"gbpusd-consolidates-above-january-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/02\/gbpusd-consolidates-above-january-lows\/","title":{"rendered":"GBP\/USD Consolidates Above January Lows"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Cable is attempting to build up a base above January lows as the psychological 1.60 hangs just overhead.\u00a0 The UK released a better than expected Construction PMI data point, tagging along with yesterday\u2019s impressive Manufacturing PMI release.\u00a0 Hence, UK data continues to outperform and this is likely helping stabilize the Cable.\u00a0 Meanwhile, chatter has quieted down concerning Greece\u2019s debt issues and the Standard and Poor\u2019s bleak assessment of the UK\u2019s financial sector is passing by as well.\u00a0 The relative calm psychologically is easing downward pressure on the risk trade, a positive development for the Cable.\u00a0 However, the EU still hasn\u2019t decided how to deal with Greece and psychological forces could very well spark up again in the near future.\u00a0 Therefore, investors should keep a wary eye on the news wires for the time being.\u00a0 Meanwhile, investors are awaiting U.S. Pending Home Sales due shortly.\u00a0 U.S. housing data usually has the ability to jolt the FX markets, particularly if the number deviates from analyst estimates.\u00a0 The UK will release more economic data tomorrow, including Halifax HPI and Services PMI.\u00a0 These releases precede ADP Non-Farm Employment Change and Services PMI data from the U.S. as well.\u00a0 Therefore, volatility could pick up in the Cable tomorrow.\u00a0 More optimistic UK data and an absence of negative psychological forces could help the Cable regain a bit of lost ground.\u00a0 On the other hand, the FX markets are still in a fragile condition and should be monitored warily.<\/p>\n

Technically speaking, the Cable has our 1st and 2nd tier uptrend lines serving as technical cushions along with intraday and 2\/1 lows.\u00a0 As for the topside, the Cable still faces multiple downtrend lines along with 2\/1 and 1\/29 highs.\u00a0 Furthermore, the psychological 1.60 area could serve as a technical barrier should it be tested.<\/p>\n

Present Price: 1.5947<\/p>\n

Resistances: 1.5961, 1.5975, 1.5992, 1.6005, 1.6015, 1.6024<\/p>\n

Supports: 1.5937, 1.5921, 1.5900, 1.5876, 1.5863<\/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 – The Cable is attempting to build up a base above January lows as the psychological 1.60 hangs just overhead.\u00a0 The UK released a better than expected Construction PMI data point, tagging along with yesterday\u2019s impressive Manufacturing PMI release.\u00a0 Hence, UK data continues to outperform and this is likely helping stabilize the … <\/p>\n

Continue reading “GBP\/USD Consolidates Above January Lows”<\/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-6473","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6473","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=6473"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6473\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}