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Chart of the Day − GBP/USD
Tue, Sep 30 2008, 15:09 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance level in yellow; 50-period simple moving average in light blue.)
9/30/2008 – GBP/USD – Price action on the key GBP/USD pair (a daily chart of which is shown) has been in strong bearish mode since the beginning of the week as the dollar has strengthened across the board. This has manifested itself into what is appearing to be a continuation of the downtrend that has been in place since late-July. Momentum on this pair still appears to be unmistakably down, with little in the way of a strong bottom in sight. Price has broken down below support barrier after support barrier, including several significant Fibonacci levels. Currently, as of Tuesday mid-morning in New York, fast-moving price-action has moved down below a key 61.8% Fibonacci level, and any continued bearish momentum could now target the major support that resides first around 1.7750, and then eventually around the 1.7450 region.
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Published on Tue, Sep 30 2008, 15:12 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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