{"id":9598,"date":"2010-05-20T12:03:59","date_gmt":"2010-05-20T16:03:59","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9598"},"modified":"2010-05-20T12:03:59","modified_gmt":"2010-05-20T16:03:59","slug":"gbpusd-shrugs-towards-1-43","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/20\/gbpusd-shrugs-towards-1-43\/","title":{"rendered":"GBP\/USD Shrugs Towards 1.43"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable is shrugging back towards weekly lows as Wednesday\u2019s pop fades.\u00a0 UK retail sales data wasn\u2019t able to excite investors as it printed in line with analyst estimates at .3%.\u00a0 Focus now shifts to weekly U.S. unemployment claims followed by the Philly index.\u00a0 However, attention will likely remain on the EU as governmental leaders try to show a more unified front in countering fiscal uncertainties.\u00a0 If EU governments are unable to act in concert and present clear details for its $1 trillion rescue package soon then any new investor confidence could deteriorate quickly.\u00a0 Since the BoE mentioned their concern of a spillover from the EU to the UK, more emphasis is being placed on events in the EU now.\u00a0 Though the potential impact has been clear to most investors, a vocal BoE usually drives the point home.\u00a0 That being said, despite yesterday\u2019s pop markets are far from stable and investors should keep a keen eye on the news wire for any new developments.\u00a0 Tomorrow\u2019s data wire will get more interesting with the UK releasing public sector net borrowing.\u00a0 If public sector borrowing balloons again this could place new downward pressure on the Cable with investors speculating that parliament\u2019s emergency budget cuts may prove futile.<\/p>\n

Technically speaking, the Cable faces mounting downtrend lines along with 5\/19 and 5\/18 highs.\u00a0 Additionally, the psychological 1.45 area could serve as a solid barrier should it be tested.\u00a0 As for the downside, the Cable has support in the form of intraday lows and the psychological 1.42 level.<\/p>\n

Present Price: 1.4310
\nResistances: 1.4340, 1.4366, 1.4398, 1.4416, 1.4431, 1.4451, 1.4474
\nSupports: 1.4305, 1.4274, 1.4248, 1.4236
\nPsychological: 1.42, 1.45, May 2010 and April 2009 lows<\/p>\n

\"\"<\/a><\/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 shrugging back towards weekly lows as Wednesday\u2019s pop fades.\u00a0 UK retail sales data wasn\u2019t able to excite investors as it printed in line with analyst estimates at .3%.\u00a0 Focus now shifts to weekly U.S. unemployment claims followed by the Philly index.\u00a0 However, attention will likely remain on the … <\/p>\n

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