{"id":8493,"date":"2010-04-12T12:24:18","date_gmt":"2010-04-12T16:24:18","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8493"},"modified":"2010-04-12T12:24:18","modified_gmt":"2010-04-12T16:24:18","slug":"gbpusd-pops-with-greece-aid","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/12\/gbpusd-pops-with-greece-aid\/","title":{"rendered":"GBP\/USD Pops with Greece Aid"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable has popped to new April highs after the EU announced it is providing Greece with roughly $40 billion @ 5%.\u00a0 The deal has sparked a rally in the risk trade and the Cable has been more than willing to participate.\u00a0 After all, last week\u2019s UK housing and manufacturing came in strong, placing the Cable in an environment to benefit from positive risk flows.\u00a0 The Cable is separating itself further from any meaningful downtrends, meaning this new upturn stemming from March lows could have legs.\u00a0 Should conditions in the EU continue to calm then focus will likely turn more towards economic fundamentals, meaning investors should keep a closer eye on the data wire.\u00a0 Although the UK was quiet on the data wire today, it will reenter the fray tomorrow by releasing the BRC Retail Sales Monitor, RICS House Price Balance, and its Trade Balance figures.\u00a0 The U.S. will follow with its own Trade Balance data, meaning investors will be digesting both import and export data.\u00a0 Since the UK\u2019s manufacturing data has printed well, it would be surprising to see a smaller than expecting deficit.\u00a0 Meanwhile, investors should also keep an eye out for any election polls hitting the news wire throughout the week since we\u2019ve seen these numbers have a noticeable impact on the Pound over the past month.\u00a0 Should the Conservatives lose ground to Labor this could drag on the Cable, and vice versa.<\/p>\n

Technically speaking, the Cable faces technical barriers in the form of intraday, 2\/23, and 2\/17 highs.\u00a0 Additionally, the psychological 1.55 level could serve as a solid obstacle should it be tested.\u00a0 As for the downside, the Cable has fresh uptrend lines serving as technical cushions along with intraday lows.\u00a0 Additionally, the psychological 1.54 area could serve as a solid support over the near-term.<\/p>\n

Present Price: 1.5402
\nResistances: 1.5414, 1.5436, 1.5453, 1.5470, 1.5494, 1.5522
\nSupports: 1.5358, 1.5337, 1.5311, 1.5292, 1.5273, 1.5253
\nPsychological: 1.55, 1.54, February 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 has popped to new April highs after the EU announced it is providing Greece with roughly $40 billion @ 5%.\u00a0 The deal has sparked a rally in the risk trade and the Cable has been more than willing to participate.\u00a0 After all, last week\u2019s UK housing and manufacturing came … <\/p>\n

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