{"id":8172,"date":"2010-04-01T12:39:13","date_gmt":"2010-04-01T16:39:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8172"},"modified":"2010-04-01T12:39:13","modified_gmt":"2010-04-01T16:39:13","slug":"gbpusd-continues-surge-in-wake-of-positive-uk-manufacturing-pmi","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/01\/gbpusd-continues-surge-in-wake-of-positive-uk-manufacturing-pmi\/","title":{"rendered":"GBP\/USD Continues Surge in Wake of Positive UK Manufacturing PMI"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Cable has logged more impressive gains today, climbing towards 1.53 after UK PMI data printed a bit above analyst expectations.\u00a0 The moderate rise in Manufacturing PMI shows that a weakened Pound is likely driving demand for the UK\u2019s manufactured goods.\u00a0 Manufacturing PMIs from China and Japan also met estimates, bringing renewed confidence to the risk trade and the Cable is benefitting in the process.\u00a0 However, the Cable is edging lower in reaction to stronger than expected U.S. Manufacturing PMI data, leading investors to favor the Dollar over the Pound.\u00a0 It will be interesting to see how this trading session pans out, whether investors favor the Cable for the risk trade of the Dollar due to relative economic strength.\u00a0 The UK will be quiet on the data wire tomorrow along with everybody else but the U.S.\u00a0 Many investors will be taking a 3-day holiday weekend, meaning activity should be subdued during tomorrow\u2019s trading session.\u00a0 However, the U.S. will release key employment data, including Non-Farm Employment Change and headline Unemployment Rate figures.\u00a0 Hence, tomorrow\u2019s session could involve high volatility due to limited volume combined with key fundamental news.\u00a0 That being said, investors should monitor how today\u2019s strong U.S. PMI data impacts the Cable since it could be a hint as to how the currency pair will react to tomorrow\u2019s U.S. data set.<\/p>\n

Technically speaking, the Cable has separated itself further from the psychological 1.50 level and has popped past its downtrend running through 3\/17 highs, or the 1.5380 level.\u00a0 Hence, the Cable could have some more room to go on the topside over the near-term.\u00a0 As for the downside, the Cable has multiple uptrend lines serving as technical cushions along with intraday and 3\/30 lows.\u00a0 Additionally, the psychological 1.51 area could serve as a solid technical cushion should it be tested.<\/p>\n

Present Price: 1.5238
\nResistances: 1.5245, 1.5254, 1.5263, 1.5276, 1.5288, 1.5301
\nSupports: 1.5215, 1.5205, 1.5191, 1.5179, 1.5169
\nPsychological: 1.51, 1.50, March highs and 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 regarded neither 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 has logged more impressive gains today, climbing towards 1.53 after UK PMI data printed a bit above analyst expectations.\u00a0 The moderate rise in Manufacturing PMI shows that a weakened Pound is likely driving demand for the UK\u2019s manufactured goods.\u00a0 Manufacturing PMIs from China and Japan also met estimates, bringing … <\/p>\n

Continue reading “GBP\/USD Continues Surge in Wake of Positive UK Manufacturing PMI”<\/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-8172","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8172","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=8172"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8172\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}