{"id":6687,"date":"2010-02-09T12:31:16","date_gmt":"2010-02-09T17:31:16","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6687"},"modified":"2010-02-09T12:31:16","modified_gmt":"2010-02-09T17:31:16","slug":"gbpusd-rises-amid-hopes-for-greece","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/09\/gbpusd-rises-amid-hopes-for-greece\/","title":{"rendered":"GBP\/USD Rises Amid Hopes for Greece"},"content":{"rendered":"

By Fast Brokers<\/strong> – Speculation is rampant once again, this time in favor of the risk trade as investors wonder whether Trichet\u2019s early exit from a meeting in Australia to return to the EU implies the union has a solution for Greece\u2019s troubling fiscal situation.\u00a0 However, it seems such speculation may be a bit preemptive and the risk trade could need more concrete fundamental and\/or psychological improvements to establish a sustainable turnaround.\u00a0\u00a0\u00a0 Meanwhile, we still recognize a considerable downward pressure on the Cable considering the extent of last week\u2019s downturn.\u00a0 Regardless, the bounce in the risk trade is a welcome development for the risk bulls.\u00a0 The Pound is exhibiting a relative weakness today, highlighted by another pop in the EUR\/GBP.\u00a0 The UK\u2019s trade deficit widened, registering the largest deficit since March 2009.\u00a0 A weak Trade Balance reading seems to be weighing on the Pound along with overall concern of exposure to Greece\u2019s debt.\u00a0 Although the data wire for the remainder of the trading session is relatively quiet, activity will pick up during tomorrow\u2019s Asia trading session with the release of Australia\u2019s Home Loans data along with New Loans and Trade Balance numbers from China.\u00a0 Furthermore, the UK will print Manufacturing Production during the European trading session along with the much anticipated BoE Inflation report accompanied by a public address from Governor King.\u00a0 Inflation plays an important role in regards to the BoE setting monetary policy.\u00a0 Hence, if prices continue to rise, then investors may deduct that the BoE will be hesitant in tightening liquidity too quickly, especially considering present uncertainty in the EU.\u00a0\u00a0 Hence, tomorrow could prove to be a busy session for the Pound.<\/p>\n

Technically speaking, the Cable has multiple downtrend lines serving as technical barriers along with intraday and 2\/5 highs.\u00a0 We\u2019ve created some new uptrend lines, albeit tight ones, to serve as technical cushions along with the psychological 1.55 area.<\/p>\n

Present Price: 1.5636<\/p>\n

Resistances: 1.5639, 1.5673, 1.5690, 1.5717, 1.5758, 1.5775<\/p>\n

Supports: 1.5572, 1.5558, 1.5533, 1.5502, 1.5470, 1.5444<\/p>\n

Psychological: 1.55<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/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 – Speculation is rampant once again, this time in favor of the risk trade as investors wonder whether Trichet\u2019s early exit from a meeting in Australia to return to the EU implies the union has a solution for Greece\u2019s troubling fiscal situation.\u00a0 However, it seems such speculation may be a bit preemptive … <\/p>\n

Continue reading “GBP\/USD Rises Amid Hopes for Greece”<\/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-6687","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6687","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=6687"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6687\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}