{"id":8327,"date":"2010-04-07T16:05:40","date_gmt":"2010-04-07T20:05:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8327"},"modified":"2010-04-07T16:05:40","modified_gmt":"2010-04-07T20:05:40","slug":"gbpusd-weakens-as-services-slow","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/07\/gbpusd-weakens-as-services-slow\/","title":{"rendered":"GBP\/USD Weakens as Services Slow"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Cable is trading lower again today despite yesterday\u2019s comeback from intrasession lows.\u00a0 The Cable experienced a large leg down after Services PMI printed below analyst expectations.\u00a0 A slowdown in services is disconcerting for the UK since the nation\u2019s GDP is heavily services weighted.\u00a0 That being said, it will be interesting to see whether this pullback in services is reflected in upcoming UK employment data.\u00a0 Meanwhile, the Cable is recovering from today\u2019s lows and has managed to stay above yesterday\u2019s lows thus far.\u00a0 However, today\u2019s Services PMI figure could drag on the Cable since the U.S. will be quiet on the data front today.\u00a0 The data and news wires will pick up steam tomorrow with Australia kicking the day off by releasing important employment data.\u00a0 The UK will follow with the Halifax HPI and Manufacturing Production.\u00a0 It will be interesting to see what impact volatility in the Pound has had on demand for manufactured goods.\u00a0 Highlighting the session will be BoE and ECB monetary policy decisions.\u00a0 With parliamentary elections set for next month it is difficult to foresee the BoE tightening monetary policy and effectively slowing the economic recovery.\u00a0 On the other hand, looser liquidity could be perceived as fiscally irresponsible.\u00a0 Therefore, it would not be surprising to see the BoE stand pat and keep its policy unchanged.\u00a0 That being said, any surprise action from the BoE could have a considerable impact on the Cable.<\/p>\n

Technically speaking, the Cable is still trading comfortable above downtrends running through March 17 highs, or the 1.5380 area.\u00a0 Hence, the Cable\u2019s uptrend is still alive and well despite today\u2019s pullback.\u00a0 Additionally, the Cable has fresh uptrend lines serving as technical cushions along with intraday and 3\/31 lows.\u00a0 On the other hand, the Cable has dropped below April 2nd lows, and it will be interesting to see if the currency pair can stage an intraday recovery.<\/p>\n

Present Price: 1.5219
\nResistances: 1.5229, 1.5244, 1.5259, 1.5267, 1.5280, 1.5293
\nSupports: 1.5210, 1.5198, 1.5188, 1.5177, 1.5167, 1.5151
\nPsychological: 1.53, 1.52, March highs and April 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 is trading lower again today despite yesterday\u2019s comeback from intrasession lows.\u00a0 The Cable experienced a large leg down after Services PMI printed below analyst expectations.\u00a0 A slowdown in services is disconcerting for the UK since the nation\u2019s GDP is heavily services weighted.\u00a0 That being said, it will be interesting … <\/p>\n

Continue reading “GBP\/USD Weakens as Services Slow”<\/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-8327","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8327","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=8327"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8327\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}