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GBP/USD Ignores Bearish Fundamentals
By: James Hyerczyk - 09-07-2008
0votesThe GBP/USD should have been down on bearish fundamentals such as the weak service and manufacturing sectors. This was not the case, however, on Wednesday as the British Pound rallied. This is a clear indication of how weak the U.S. financial markets actually are. Look for the Bank of England to leave borrowing costs unchanged.
The charts indicate strength as the market closed above support at 1.9788. Look for this rally to continue into a retracement zone at 1.9828 to 1.9870.
Downtrending resistance is at 1.9868 forming a resistance cluster at 1.9868 to 1.9870. This resistance cluster is the best sell area today.
Next Analysis: Traders Buy Swiss for SafetyContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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