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Chart of the Day − GBP/USD
Mon, Oct 6 2008, 16:20 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.)
10/06/2008 – GBP/USD – The continued plummet on the GBP/USD daily chart, as shown, has just made a new two and a half year low on this key pair. In the process, price has broken one major support level after another, including an important recent support level around the 1.7450 region. At this point, there appears to be very little in the way of a definitive bottom in sight. Although oscillators like the displayed Stochastics are heavily oversold, in a trending situation like what we are seeing now this oversold indication could be in effect for quite some time while price potentially continues its sharp plunge. Even with the inevitable minor retracements and consolidations, in the event of a downward continuation two historical support/resistance levels reside relatively nearby to the downside. The closest is in the 1.7230-1.7250 zone. Below that is the 1.7050 support region, which was last hit in late 2005.
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Published on Mon, Oct 6 2008, 16:22 GMT
Archive
- Chart of the Day - EUR/USD
Published On Mon, Dec 1 2008, 19:00 GMT - Chart of the Day - USD/JPY
Published On Wed, Nov 26 2008, 16:42 GMT - Chart of the Day - GBP/USD
Published On Tue, Nov 25 2008, 17:15 GMT - 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
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