{"id":8395,"date":"2010-04-08T14:23:10","date_gmt":"2010-04-08T18:23:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8395"},"modified":"2010-04-08T14:23:10","modified_gmt":"2010-04-08T18:23:10","slug":"gbpusd-holds-strong-after-solid-uk-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/08\/gbpusd-holds-strong-after-solid-uk-data\/","title":{"rendered":"GBP\/USD Holds Strong After Solid UK Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is holding strong and has defended 4\/6 lows for the 2nd day in a row.\u00a0 Strength in the Cable comes despite worries in the EU as Greece\u2019s bond yield climb to record highs.\u00a0 Hence, and EU\/IMF intervention is becoming more likely, driving up uncertainty and deterring investors from the risk trade in the process.\u00a0 Despite today\u2019s sour news in the EU, UK housing prices and manufacturing production data both improved, giving the Pound a relative strength as the currency fights its own uncertainty stemming from the potential of a hung parliament.\u00a0 Meanwhile, the Cable is building a solid base as the currency pairs sets higher lows.\u00a0 Regardless, volatility is increasing and uncertainty rising, so investors should keep an eye on the news wire for any further developments regarding Greece or any other fiscally troubled EU economies.\u00a0 Both the BoE and ECB kept their monetary policies unchanged as anticipated.\u00a0 Hence, focus now shifts to economic fundamentals and any more psychological developments.\u00a0 That being said, the data wire will be relatively quiet tomorrow besides the release of input PPI.\u00a0 Therefore, psychological forces may be in the driver\u2019s seat as the trading week comes to a close.\u00a0 The Cable does still have a downward force bearing down on it despite its separation from key downtrend lines.\u00a0 Hence, it would be encouraging for the Cable\u2019s uptrend to see the currency pair break out of weekly highs and test March highs as a confirmation for its new uptrend.\u00a0 If not, then the downtrend may sneak back into play.<\/p>\n

Technically speaking, the Cable is still trading comfortable above downtrends running through March 17 highs, or the 1.5380 area.\u00a0 The Cable does face technical barriers in the form of previous April and March highs should they be tested.\u00a0 Therefore, the Cable\u2019s uptrend is still alive and well despite this week\u2019s volatile sideways action.\u00a0 Additionally, the Cable has fresh uptrend lines serving as technical cushions along with intraday, 4\/6, and 3\/31 lows.<\/p>\n

Present Price: 1.5232
\nResistances: 1.5235, 1.5247, 1.5259, 1.5273, 1.5292, 1.5305
\nSupports: 1.5218, 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 holding strong and has defended 4\/6 lows for the 2nd day in a row.\u00a0 Strength in the Cable comes despite worries in the EU as Greece\u2019s bond yield climb to record highs.\u00a0 Hence, and EU\/IMF intervention is becoming more likely, driving up uncertainty and deterring investors from the … <\/p>\n

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