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Chart of the Day − GBP/USD
Wed, Aug 13 2008, 15:30 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
8/13/2008 – GBP/USD – The deep and rapid plunge in price within the last two weeks on GBP/USD (a daily chart of which is shown), has brought the pair all the way down to the key long-term uptrend support line. This line (represented on the chart by the longest green line) has served as support for many years now. The plummet that has occurred and is occurring on the pair has closely approached this strong support, which currently resides around the 1.8600 level. Any break to the downside below the trendline should meet additional strong support around the 1.8500 region, which is a significant previous horizontal support/resistance level. A bounce at or near support, on the other hand, should first target the 1.8800 region as immediate resistance to the upside. Lending strength to a possible bounce are oscillators like the displayed Stochastics, which are indicating extremely oversold.
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Published on Wed, Aug 13 2008, 15:32 GMT
Archive
- Chart of the Day - EUR/USD
Published On Fri, Oct 31 2008, 14:49 GMT - Chart of the Day - GBP/USD
Published On Wed, Oct 29 2008, 16:40 GMT - Chart of the Day - USD/JPY
Published On Tue, Oct 28 2008, 15:44 GMT - Chart of the Day - EUR/USD
Published On Mon, Oct 27 2008, 16:18 GMT - Chart of the Day - GBP/USD
Published On Thu, Oct 23 2008, 15:14 GMT
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