{"id":9939,"date":"2010-06-03T08:15:22","date_gmt":"2010-06-03T12:15:22","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9939"},"modified":"2010-06-03T08:15:22","modified_gmt":"2010-06-03T12:15:22","slug":"gbpusd-consolidates-in-contemplation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/03\/gbpusd-consolidates-in-contemplation\/","title":{"rendered":"GBP\/USD Consolidates in Contemplation"},"content":{"rendered":"

By FastBrokers<\/strong> – The Cable is consolidating following yesterday\u2019s solid pop as the currency pair fluctuates between 1.46-1.48.\u00a0 However, activity should pick back up again as the session progresses with UK nationwide HPI and services PMI data points on the way.\u00a0 More solid UK data could help the Cable continue its upswing from May lows.\u00a0 On the other hand, a setback in fundamentals could keep the Cable anchored below weekly highs.\u00a0 The U.S. will also release its own services PMI data point along with advance employment data.\u00a0 Hence, investors can expect a volatile end to the trading week.\u00a0 While recent gains in the Cable and EUR\/USD have been encouraging, downward near-term technical pressures remain and both currency pairs need a sizable confirmation to the topside to solidify a new uptrend.\u00a0 Meanwhile, investors should also keep an eye on the EU news wire as usual since there hasn\u2019t been a positive fundamental change in fiscally troubled nations to give us reason to discount the possibility of another negative development.\u00a0 That being said, no news is good news and allows the Cable and EUR\/USD to stabilize and gain back some lost ground due to short memory.<\/p>\n

Technically speaking, the Cable has been able to build off of the base established 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: 1.4681
\nResistances: 1.4701, 1.4736, 1.4758, 1.4789, 1.4822, 1.4850
\nSupports: 1.4662, 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 FastBrokers – The Cable is consolidating following yesterday\u2019s solid pop as the currency pair fluctuates between 1.46-1.48.\u00a0 However, activity should pick back up again as the session progresses with UK nationwide HPI and services PMI data points on the way.\u00a0 More solid UK data could help the Cable continue its upswing from May lows.\u00a0 … <\/p>\n

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