{"id":6752,"date":"2010-02-11T11:44:02","date_gmt":"2010-02-11T16:44:02","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6752"},"modified":"2010-02-11T11:44:02","modified_gmt":"2010-02-11T16:44:02","slug":"gbpusd-gravitates-around-february-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/11\/gbpusd-gravitates-around-february-lows\/","title":{"rendered":"GBP\/USD Gravitates around February Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is battling to stay above previous February lows and the psychological 1.55 level as the Dollar strengthens across the board during the U.S. trading session.\u00a0 Weekly U.S. Unemployment Claims printed stronger than analyst expectations, leading investors towards the Dollar amidst economic uncertainty in Europe.\u00a0 Speaking of which, although the EU has come to a decision to help Greece the Euro is weakening, telling us assistance from the EU may have already been priced in earlier this week.\u00a0 Meanwhile, investors also appear to be brushing aside stronger than expected Australian employment data and weaker than expected CPI data from China, both positive developments for the risk trade. Therefore, investor uncertainty concerning the ramifications of European debt problems seems to be bearing on the market.\u00a0 Although the UK is quiet on the economic data front today, Manufacturing Production printed much stronger than analyst estimates yesterday.\u00a0 However, investors should keep in mind that services drive the UK economy, and Services PMI data disappointed last week.\u00a0 Hence, the UK still faces economic headwinds despite noticeable signs of improvement.\u00a0 Also weighing on the Pound is weaker than expected projections for UK GDP and CPI growth released yesterday in the BoE\u2019s inflation report.\u00a0 The BoE\u2019s modest economic outlook for the UK is a bit discouraging and may also be yielding weakness in the Pound.\u00a0 Meanwhile, attention will remain focused on the EU and its plan to guide Greece out of its debt problems in addition to Germany\u2019s Prelim GDP data due tomorrow.\u00a0 Additionally, the U.S. will release Retail Sales and Prelim UoM Consumer Sentiment data.\u00a0 Hence, the trading week could end on a volatile note.<\/p>\n

Technically speaking, the Cable has multiple downtrend lines serving as technical barriers along with intraday and 2\/10 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: 1.5608<\/p>\n

Resistances: 1.5621, 1.5637, 1.5659, 1.5690, 1.5717, 1.5744<\/p>\n

Supports: 1.5593, 1.5572, 1.5558, 1.5533, 1.5502<\/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 – The Cable is battling to stay above previous February lows and the psychological 1.55 level as the Dollar strengthens across the board during the U.S. trading session.\u00a0 Weekly U.S. Unemployment Claims printed stronger than analyst expectations, leading investors towards the Dollar amidst economic uncertainty in Europe.\u00a0 Speaking of which, although the … <\/p>\n

Continue reading “GBP\/USD Gravitates around February 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-6752","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6752","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=6752"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6752\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}