{"id":8750,"date":"2010-04-22T12:27:06","date_gmt":"2010-04-22T16:27:06","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8750"},"modified":"2010-04-22T12:27:06","modified_gmt":"2010-04-22T16:27:06","slug":"gbpusd-takes-a-step-lower-after-eu-news","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/22\/gbpusd-takes-a-step-lower-after-eu-news\/","title":{"rendered":"GBP\/USD Takes a Step Lower After EU News"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is taking a step lower right now along with the rest of the risk trade as the Euro tumbles in the wake of Greek bond yields hitting 8.2%+.\u00a0 Greece\u2019s budget deficit came in higher than anticipated, placing even more pressure on the government to seek outside help.\u00a0 Additionally, the overall EU budget shortfall as hit its highest level since the formation of the union over 10 years ago.\u00a0 The fear of contagion is understandably delivering a blow to the risk trade and the Cable is no exception.\u00a0 UK retail sales came in 3 basis points below analyst expectations, giving investors little to cheer about.\u00a0 However, the Cable is still holding up relatively well as it derives strength from yesterday\u2019s impressive CCC figure.\u00a0 As for the U.S., weekly unemployment claims hung above 450k and PPI came in hotter than anticipated, encouraging investors to pick up the dollar in the process.\u00a0 Meanwhile, investors should keep their eyes on the EUR\/USD and monitor its ability to hold 1.33 and April lows.\u00a0 If the currency pair tumbles below key supports this could drag the whole market lower.\u00a0 Investors are also awaiting U.S. existing home sales.\u00a0 If today\u2019s housing data also disappoints this could fuel risk-aversion.\u00a0 The data wire won\u2019t slow tomorrow with important releases from around the globe.\u00a0 In fact, the UK will print Prelim GDP.\u00a0 Considering the improvements in employment and manufacturing, it wouldn\u2019t be surprising to receive a solid GDP number, which could help buoy the Cable.<\/p>\n

Technically speaking, the Cable has multiple uptrend lines serving as technical cushions along with 4\/21,4\/20, and 4\/19 lows.\u00a0 Additionally, the psychological 1.53 area could serve as a psychological cushion should it be tested.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with intraday, 4\/12, and 4\/15 highs.<\/p>\n

Present Price: 1.5385
\nResistances: 1.5388, 1.5404, 1.5419, 1.5435, 1.5453, 1.5469
\nSupports: 1.5371, 1.5354, 1.5341, 1.5325, 1.5310, 1.5285
\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 taking a step lower right now along with the rest of the risk trade as the Euro tumbles in the wake of Greek bond yields hitting 8.2%+.\u00a0 Greece\u2019s budget deficit came in higher than anticipated, placing even more pressure on the government to seek outside help.\u00a0 Additionally, the … <\/p>\n

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