{"id":7566,"date":"2010-03-15T08:24:33","date_gmt":"2010-03-15T13:24:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7566"},"modified":"2010-03-15T08:24:33","modified_gmt":"2010-03-15T13:24:33","slug":"gbpusd-battles-with-march-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/15\/gbpusd-battles-with-march-highs\/","title":{"rendered":"GBP\/USD Battles with March Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is battling previous March highs set during Friday\u2019s topside breakout.\u00a0 The Cable logged encouraging gains on Friday in the wake of stronger than expected U.S. retail sales data.\u00a0 The improvement in retail sales gave investor more confidence in the global economic recovery and this favored the risk trade.\u00a0 The Cable popped past our previous 1st tier downtrend line in the process, which could prove to be a key movement since our 1st tier ran through 2\/23 highs, or the 1.5550 area.\u00a0 We recognized a similar technical breakout in the EUR\/USD on Friday, and it will be interesting to see whether these two currency pairs can maintain their upward momentum, though a period of profit taking would not be surprising.\u00a0 Meanwhile, the Cable is distancing itself further from its psychological 1.50 level with near-term topside technical barriers wearing thin.\u00a0 The data wires will heat up as the week progresses, highlighted by the FOMC meeting in Tuesday.\u00a0 The UK will be relatively quiet until Wednesday\u2019s release of the Claimant Count Change along with the BoE\u2019s meeting minutes.\u00a0 Focus could remain on the U.S. today with the release of a data set including, Industrial Production, Capacity Utilization, TIC Long-Term Purchases, and the Empire Index.\u00a0 Investors should continue to keep an eye out for headlines concerning the parliamentary election or cautioning against UK debt levels, since these statements have rocked the Cable in the past.\u00a0 Therefore, potential for another negative shock for the Cable remains regardless of the currency pair\u2019s present upward momentum.<\/p>\n

Technically speaking, the Cable has multiple uptrend lines serving as technical cushions along with intraday and 3\/12 lows.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with 3\/15 and 2\/26 highs. Our 1st-3rd downtrend lines gain importance since they run through 2\/17 levels, or the 1.58 zone.\u00a0\u00a0 Meanwhile, the psychological 1.50 area becomes a technical cushion should it be tested.<\/p>\n

Present Price: 1.5180<\/p>\n

Resistances: 1.5184, 1.5195, 1.5205, 1.5215, 1.5233, 1.5236<\/p>\n

Supports: 1.5174, 1.5165, 1.5152, 1.5143, 1.5132, 1.5125<\/p>\n

Psychological: 1.50 and March highs<\/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 previous March highs set during Friday\u2019s topside breakout.\u00a0 The Cable logged encouraging gains on Friday in the wake of stronger than expected U.S. retail sales data.\u00a0 The improvement in retail sales gave investor more confidence in the global economic recovery and this favored the risk trade.\u00a0 The … <\/p>\n

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