Chart of the Day
0
1
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.
* Visit my forex tips and techniques blog here: http://fxpath.fxstreet.com *
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.
Published on Mon, Oct 6 2008, 16:22 GMT
Archive
- Chart of the Day – AUD/USD
Published On Thu, Jul 2 2009, 16:16 GMT - Chart of the Day – EUR/GBP
Published On Wed, Jul 1 2009, 16:15 GMT - Chart of the Day – USD/CAD
Published On Tue, Jun 30 2009, 15:31 GMT - Chart of the Day – GBP/USD
Published On Mon, Jun 29 2009, 14:44 GMT - Chart of the Day – EUR/JPY
Published On Fri, Jun 26 2009, 15:53 GMT
FX Solutions, LLC
| Saddle River Executive Centre 1 Route 17 South, Suite 260 Saddle River, New Jersey 07458
http://www.fxsolutions.com | info@fxsol.com
Legal disclaimer and risk disclosure
FX Solutions, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.Related reports
Weekly Market Commentary - Libor and Official Interest rates are at their narrowest by Mizuho Corporate Bank
Fri, Jul 3 2009, 14:33 GMT
Daily Market Report - Risk aversion was the main theme of yesterday's trading session by Wachovia
Fri, Jul 3 2009, 12:25 GMT
FX Thoughts for the Day by Kshitij Consultancy Service
Fri, Jul 3 2009, 12:23 GMT
Asia Market Update - Most Asian equities indices track the US session declines as nonfarm payrolls data disappoints by TradeTheNews.com
Fri, Jul 3 2009, 11:55 GMT
Daily Analysis - The Dollar gains as the markets tumble and investors seek a safe haven by Finotec Group Inc.
Fri, Jul 3 2009, 11:47 GMT
Related content
European Markets mixed, EUR rises and GBP lower
FXstreet.com | Fri, Jul 3 2009, 14:38 GMT
CURRENCIES: Dollar Edges Higher In Thin Trade Ahead Of Holiday
Dow Jones | Fri, Jul 3 2009, 11:46 GMT
Forex: GBP/USD falls further to test 1.6300
FXstreet.com | Fri, Jul 3 2009, 11:20 GMT
2nd UPDATE: UK Service Sector Grows, End Of Recession Nears
Dow Jones | Fri, Jul 3 2009, 10:15 GMT
UPDATE: UK Service Sector Grows, But Slows In June
Dow Jones | Fri, Jul 3 2009, 09:43 GMT
Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.