{"id":9267,"date":"2010-05-10T12:37:22","date_gmt":"2010-05-10T16:37:22","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9267"},"modified":"2010-05-10T12:37:22","modified_gmt":"2010-05-10T16:37:22","slug":"gbpusd-tops-1-50","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/10\/gbpusd-tops-1-50\/","title":{"rendered":"GBP\/USD Tops 1.50"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable surged back above 1.50 today as the Pound outperformed with the risk trade staging an impressive broad-based rally in reaction to the EU\u2019s announcement of a $1 trillion bailout package.\u00a0 Though the Cable\u2019s rally from Thursday\u2019s lows has been incredible, it will be important to see the Cable stick around 1.50 and post a follow through bounce over the coming sessions in order to solidify the bottom.\u00a0 However, the currency pair is back above 3\/26 lows and it would take a hefty shock to send the Cable back towards a test of last week\u2019s lows over the near-term.\u00a0 Meanwhile, the BoE kept its monetary policy unchanged and King refrained from straying from his previous talking points in an effort not to stir the unstable FX market.\u00a0 Additionally, the Cable is reacting positively to signs that the Tories and Lib Dems may be willing to work together in order to enact austerity measures reigning in the UK\u2019s troubling fiscal deficit.\u00a0 However, UK politics are very fragile right now and it could prove unwise to count on action from any dialogue at this point in time.\u00a0 The UK will release its manufacturing production data tomorrow and it would be encouraging to see a solid result since the improvement in manufacturing has been a driving force in the UK\u2019s economic recovery.\u00a0 In the mean time the focus will remain on the EU and the reaction from analysts and investors regarding their opinion of the bailout\u2019s potential.\u00a0 Before UK manufacturing production China will print a key data set, including CPI and industrial production.\u00a0 Hence, it wouldn\u2019t be surprising if the heightened activity carries over into Tuesday as investors decide where they want to take these markets.<\/p>\n

Technically speaking, the Cable obviously faces multiple downtrend lines considering the extent of last week\u2019s pullback.\u00a0 The Cable also faces near-term technical barriers in the form of 1.50, intraday highs and 5\/5 highs.\u00a0 As for the downside, the Cable has a couple uptrend lines in places along with the psychological 1.49 area.<\/p>\n

Present Price: 1.4975
\nResistances: 1.5000, 1.5016, 1.5032, 1.5048, 1.5077, 1.5095, 1.5127
\nSupports: 1.4968, 1.4945, 1.4919, 1.4899, 1.4876, 1.4852
\nPsychological: 1.50, 1.51, 1.49, 1.48, May 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 surged back above 1.50 today as the Pound outperformed with the risk trade staging an impressive broad-based rally in reaction to the EU\u2019s announcement of a $1 trillion bailout package.\u00a0 Though the Cable\u2019s rally from Thursday\u2019s lows has been incredible, it will be important to see the Cable stick … <\/p>\n

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