{"id":8724,"date":"2010-04-21T13:40:27","date_gmt":"2010-04-21T17:40:27","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8724"},"modified":"2010-04-21T13:40:27","modified_gmt":"2010-04-21T17:40:27","slug":"gbpusd-creeps-higher-to-1-54","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/21\/gbpusd-creeps-higher-to-1-54\/","title":{"rendered":"GBP\/USD Creeps Higher to 1.54"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is creeping higher as most of the risk trade retreats as the Pound enjoys a relative strength stemming from another encouraging CCC release.\u00a0 The CCC printed well below expectations and last month\u2019s release was revised lower, a positive development regarding a turnaround in UK unemployment.\u00a0 On an interesting note, despite another huge drop in the CCC the headline unemployment rate popped two basis points to 8%.\u00a0 Additionally, average earnings came in two basis points below analyst expectations.\u00a0 Hence, today\u2019s employment picture isn\u2019t all rosy.\u00a0 Meanwhile, strength in the Pound is being subdued by weakness in the risk trading.\u00a0 Greek bonds hit 8% and fear is rising that the SEC could go after more financial houses other than Goldman.\u00a0 The uncertainty is outweighing positive earnings from Apple and Morgan Stanley while keeping U.S. equities at bay.\u00a0\u00a0\u00a0 Hence, the Cable could have a tough time topping previous April highs today.\u00a0 The UK will keep the data train rolling tomorrow by releasing retail sales and public sector net borrowing.\u00a0 Additionally, the EU will print its closely watched Flash PMI data set followed by PPI, unemployment claims, and existing home sales figures from the U.S.\u00a0 Furthermore, psychological forces are swirling around the globe and have the potential to flare and overtake any fundamental developments.\u00a0 Either way, activity could pick up tomorrow due to the amount of data hitting the street.<\/p>\n

Technically speaking, the Cable has managed to avoid a retest of previous April lows thus far and has intraday lows along with its psychological 1.52 and 1.53 levels serving as technical cushions for the time being.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with intraday, 4\/12, and 4\/15 highs.\u00a0 Additionally, the 1.54 and 1.55 levels could serve as a psychological barriers over the near-term.<\/p>\n

Present Price: 1.5399
\nResistances: 1.5404, 1.5419, 1.5435, 1.5453, 1.5469, 1.5486
\nSupports: 1.5386, 1.5371, 1.5354, 1.5341, 1.5325, 1.5310
\nPsychological: 1.55, 1.54, 1.53, 1.52, April 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 is creeping higher as most of the risk trade retreats as the Pound enjoys a relative strength stemming from another encouraging CCC release.\u00a0 The CCC printed well below expectations and last month\u2019s release was revised lower, a positive development regarding a turnaround in UK unemployment.\u00a0 On an interesting note, … <\/p>\n

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