{"id":9021,"date":"2010-05-03T09:18:15","date_gmt":"2010-05-03T13:18:15","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9021"},"modified":"2010-05-03T09:18:15","modified_gmt":"2010-05-03T13:18:15","slug":"gbpusd-stays-range-bound","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/03\/gbpusd-stays-range-bound\/","title":{"rendered":"GBP\/USD Stays Range Bound"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Cable is sticking with its April trading range as we kick off the month of May.\u00a0 The Cable is edging lower today as investors are unimpressed with the EU and IMF\u2019s bailout plan thus far.\u00a0 Meanwhile, the Cable does seem to have a downward bias as it sets lower highs (4\/30, 4\/26, 4\/15).\u00a0 Even though the data wire is relatively quiet today outside of America\u2019s manufacturing PMI, activity in the FX market looks set to bloom as the trading week progresses.\u00a0 Australia will kick off the news barrage tomorrow with an RBA meeting followed by the UK\u2019s own manufacturing PMI figure.\u00a0 However, the core of the news and data will come on Thursday with the UK printing its services PMI along with the highly anticipated parliamentary election.\u00a0 Election polls have really jolted the Cable over the past couple months, so it wouldn\u2019t be surprising to see volatility peak election day.\u00a0 Investors should keep in mind that no clear majority, or a hung parliament, could prove to be negative for the Cable over the near-term due to speculation that the government won\u2019t be able to tackle the nation\u2019s fiscal problems.\u00a0 On the other hand, should the conservatives manage to eek out a victory then this could result in a huge pop in the Cable.\u00a0 Meanwhile, attention will remain focused on the EU along with any unexpected news concerning the election.<\/p>\n

Technically speaking, the Cable has multiple uptrend lines serving as defense along with 4\/19, 4\/26, and 3\/31 lows.\u00a0 Additionally, the psychological 1.51 and 1.50 levels could serve as solid technical cushions should they be tested.\u00a0 As for the topside, the Cable faces multiple downtrend lines along with technical barriers in the form of 4\/5, 3\/17, and 4\/26 highs.\u00a0 Furthermore, the psychological 1.53 level could serve as a solid barrier should it be reached.<\/p>\n

Present Price: 1.5247
\nResistances: 1.5260, 1.5279, 1.5293, 1.5317, 1.5339, 1.5351
\nSupports: 1.5235, 1.5223, 1.5209, 1.5191, 1.5170, 1.5141
\nPsychological: 1.53, 1.52, 1.51, 1.50, 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 sticking with its April trading range as we kick off the month of May.\u00a0 The Cable is edging lower today as investors are unimpressed with the EU and IMF\u2019s bailout plan thus far.\u00a0 Meanwhile, the Cable does seem to have a downward bias as it sets lower highs … <\/p>\n

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