{"id":7479,"date":"2010-03-10T13:15:38","date_gmt":"2010-03-10T18:15:38","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7479"},"modified":"2010-03-10T13:15:38","modified_gmt":"2010-03-10T18:15:38","slug":"gbpusd-fluctuates-following-weak-manufacturing-release","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/10\/gbpusd-fluctuates-following-weak-manufacturing-release\/","title":{"rendered":"GBP\/USD Fluctuates Following Weak Manufacturing Release"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable continues to waver underneath downward pressure as investors punish the Pound over concern that a hung parliament would not be able to fix the UK\u2019s fiscal imbalance.\u00a0 Today\u2019s weak Manufacturing Production release placed additional downward pressure on the Cable as investors worry that the UK\u2019s economic recovery is slowing.\u00a0 The most discouraging part of the release is that the Cable\u2019s rapid decline has not registered a corresponding increase in demand for UK manufactured goods.\u00a0 Speaking of the Cable\u2019s rapid descent, it will be interesting to see whether the currency pair finds some kind of solid near-term support considering the extent of its downturn since 2009 highs.\u00a0 However, it seems that as long as the parliamentary race is so close and the BoE leaves open the possibility of further QE the Cable may have trouble finding motivation to establish an upward momentum.\u00a0 Brown did announce today that the government will release its budget in two weeks.\u00a0 If the budget is received well by analysts and traders then this could provide the boost the Pound is looking for.\u00a0 Meanwhile, the EUR\/GBP is rocketing higher and is looking to make another bid for parity.\u00a0 Hence, investors clearly remain bearish on the Pound.\u00a0 Although the UK will be relatively quiet on the data wire tomorrow, China and Australia will print key data sets.\u00a0 Additionally, the U.S. will release its Trade Balance figure along with weekly Unemployment Claims.\u00a0 Therefore, activity could pick up over the next 24 hours.<\/p>\n

Technically speaking, the Cable has our 2nd and 3rd tier uptrend lines serving as technical cushions along with intraday and 3\/2 lows.\u00a0 Our 1st tier support sitting in the distance could serve as a key support since it runs through previous 2010 lows.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with intraday and 3\/5 highs.\u00a0 Meanwhile, the psychological 1.50 area could serve as a solid technical barrier should it be tested.<\/p>\n

Present Price: 1.4937<\/p>\n

Resistances: 1.4960, 1.4975, 1.4987, 1.5007, 1.5024, 1.5036<\/p>\n

Supports: 1.4937, 1.4924, 1.4901, 1.4885, 1.4870, 1.4851<\/p>\n

Psychological: 1.50, March lows<\/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 continues to waver underneath downward pressure as investors punish the Pound over concern that a hung parliament would not be able to fix the UK\u2019s fiscal imbalance.\u00a0 Today\u2019s weak Manufacturing Production release placed additional downward pressure on the Cable as investors worry that the UK\u2019s economic recovery is slowing.\u00a0 … <\/p>\n

Continue reading “GBP\/USD Fluctuates Following Weak Manufacturing Release”<\/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-7479","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7479","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=7479"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7479\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}