{"id":8534,"date":"2010-04-13T13:59:36","date_gmt":"2010-04-13T17:59:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8534"},"modified":"2010-04-13T13:59:36","modified_gmt":"2010-04-13T17:59:36","slug":"gbpusd-consolidates-around-1-54","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/13\/gbpusd-consolidates-around-1-54\/","title":{"rendered":"GBP\/USD Consolidates Around 1.54"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is fluctuating around its 1.54 level as investors dissect today\u2019s Trade Balance data.\u00a0 The UK Trade Balance revealed a lighter than expected deficit, confirming the improvements we\u2019ve seen in Manufacturing PMI data as of late.\u00a0 The declining deficit is a Pound positive, highlighted by weakness in the EUR\/GBP.\u00a0 However, the FX markets are relatively tame today following yesterday\u2019s high volatility.\u00a0 With investor uncertainty concerning Greece abating, focus now turns to U.S. data and earnings.\u00a0 Alcoa kicked off the season with a disappointing release, though we are just getting started.\u00a0 It will be very interesting to see how the Dollar reacts to earnings, specifically whether strong earnings would lead investors to favor the Dollar due to comparative economic performance or towards the risk trade instead.\u00a0 The U.S. will also release key Retail Sales and CPI data tomorrow, meaning volatility could return in a hurry.\u00a0 The UK will be quiet on the data wire tomorrow, meaning attention will likely be focused in on the U.S barring any market moving psychological developments.\u00a0 With the UK parliamentary election around the corner there remains the potential for surprise psychological events.\u00a0 Meanwhile, investors will be looking to see if the Cable and EUR\/USD can sustain their new upward momentums and establish a more consistent uptrend pattern.
\nTechnically speaking, the Cable faces technical barriers in the form of intraday, 4\/12, 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 and 4\/8 lows.\u00a0 Additionally, the psychological 1.54 area could continue to serve as a solid support over the near-term.<\/p>\n

Present Price: 1.5421
\nResistances: 1.5436, 1.5453, 1.5470, 1.5494, 1.5522, 1.5539
\nSupports: 1.5414, 1.5388, 1.5358, 1.5337, 1.5311, 1.5292
\nPsychological: 1.55, 1.54, 1.53, 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 is fluctuating around its 1.54 level as investors dissect today\u2019s Trade Balance data.\u00a0 The UK Trade Balance revealed a lighter than expected deficit, confirming the improvements we\u2019ve seen in Manufacturing PMI data as of late.\u00a0 The declining deficit is a Pound positive, highlighted by weakness in the EUR\/GBP.\u00a0 However, … <\/p>\n

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