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Chart of the Day − GBP/USD
Thu, Aug 21 2008, 17:07 GMT
by James Chen
8/21/2008 – GBP/USD – Price action on GBP/USD (a daily chart of which is shown), appears to have respected and bounced up off the long-term uptrend line (represented on the chart by the long green line), after a week-long period of consolidation right at the line. This bounce hints at a potential correction after the plummet that has occurred within the last several weeks. Oscillators like the displayed Stochastics, which are pointing unmistakably up from extremely oversold, lend some strength to the technical bias towards an upward correction. In the event that a major correction occurs in the near future, key resistance to the upside resides around the 1.9150 region. Support, on the other hand, should continue to reside at or near the long-term uptrend line.
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Published on Thu, Aug 21 2008, 17:09 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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