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Technical Research
GBP/USD Daily Commentary for 2.25.09
Wed, Feb 25 2009, 11:57 GMT
by FastBrokers Research Team
FastBrokersFX | View company's profile
The Cable failed to fully participate in Tuesday’s rally in U.S. equities, remaining well below our 3rd tier downtrend line. The lack of excitement in the GBP/USD came despite better than expected housing and consumer spending data. The downturn of the Cable while ignoring positive data shows the currency pair is expressing concern over the condition of the U.S. economy. Since the British and American economies are so intertwined, particularly in the financial industry, further deterioration in America could ultimately bleed into Britain. Therefore, all eyes will be on U.S. equities to see if the S&P’s 2008 lows can hold. However, considering our negative outlook for the S&P futures, we maintain our negative stance on the GBP/USD. On a positive note, the Cable still has the 12/12-12/20 base to fall back on to the downside. Fundamentally, we hold our resistances of 1.4505, 1.4569, 1.4660, and 1.4742. To the downside, we maintain our supports of 1.4392, 1.4328, 1.4242, and 1.4142. The 1.45 level still serves as a psychological barrier to the upside. The GBP/USD is currently exchanging at 1.4472.
Published on Wed, Feb 25 2009, 11:58 GMT
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Archive
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2010 "FXstreet.com. The Forex Market" All Rights Reserved.