{"id":9906,"date":"2010-06-02T09:20:30","date_gmt":"2010-06-02T13:20:30","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9906"},"modified":"2010-06-02T09:20:30","modified_gmt":"2010-06-02T13:20:30","slug":"gbpusd-outperforms-and-hits-1-47","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/gbpusd-outperforms-and-hits-1-47\/","title":{"rendered":"GBP\/USD Outperforms and Hits 1.47"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Cable has outperformed over the past 24 hours after investors reacted positively to a large increase in U.S. construction spending.\u00a0 The figure yielded a bounce in the risk trade across the board and the Cable seemed to benefit the most.\u00a0 With negative news emanating from China and the EU the Cable has started to look more attractive as investors search for places to put their money.\u00a0 Prime Minister Hatoyama resigned today, denting the Yen\u2019s safe haven status.\u00a0 This could benefit the Pound over the near-term due to few investment options for investors.\u00a0 The UK\u2019s manufacturing PMI registered a solid reading yesterday, allowing the Cable to rise amid a lack of news flow from Britain.\u00a0 The UK will release its construction PMI and net lending to individuals today, and positive readings from both of these data points could help buoy the Cable.\u00a0 However, attention will likely remain focused on the EU along with U.S. pending home sales data.\u00a0 Psychological forces are still in the driver\u2019s seat, meaning investors should keep an eye on the news wire for any developments regarding China\u2019s real estate market or the EU\u2019s fiscal crisis.\u00a0 Meanwhile, the EUR\/USD still seems to be on a downward trajectory, and further deterioration in the currency pair could drag the Cable lower.<\/p>\n

Technically speaking, the Cable has been able to build off of the base establish from May lows and it will be interesting to see how long this pattern lasts.\u00a0 The Cable has supports in the form of the psychological 1.45 level along with 5\/28 lows.\u00a0 As for the topside, the Cable still faces multiple downtrend lines due to the extent of its May crash.\u00a0 The Cable also faces barriers in the form of 5\/13 and 5\/12 highs.\u00a0 Additionally, the psychological 1.50 area could serve as a strong technical barrier should it be tested.<\/p>\n

Present Price: 1.4671
\nResistances: 1.4736, 1.4758, 1.4789, 1.4822, 1.4850, 1.4875
\nSupports: 1.4667, 1.4645, 1.4626, 1.4606, 1.4567, 1.4534, 1.4506
\nPsychological: 1.45, 1.50, May 2010 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 has outperformed over the past 24 hours after investors reacted positively to a large increase in U.S. construction spending.\u00a0 The figure yielded a bounce in the risk trade across the board and the Cable seemed to benefit the most.\u00a0 With negative news emanating from China and the EU the … <\/p>\n

Continue reading “GBP\/USD Outperforms and Hits 1.47”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9906","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9906"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9906\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}