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Chart of the Day
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Chart of the Day − GBP/USD
Wed, Dec 3 2008, 16:11 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; chart patterns in grey; 50-period simple moving average in light blue.)
12/03/2008 – GBP/USD – Price action within the last three months on the key GBP/USD pair (a 4-hour chart of which is shown) has been characterized by a series of chart pattern breakdowns. On the accompanying chart, we can see from left to right that a rising parallel channel was broken to the downside in late September; then a triangle was broken down in late October; another triangle was then broken down in mid-November; and we now find price having just tentatively broken down below a rising wedge pattern. Does this mean that the pair will continue to plummet mercilessly? Not necessarily. However, any continued bearishness with a potentially strong break below the 1.4550 region, which represents the recent 6-year low in the pair that was hit in mid-November, should have substantially bearish implications going forward. This 1.4550 level can be considered exceptionally significant support, so in the event that price reaches and then goes on to break that level, the pair should likely carry considerable further momentum to the downside.
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Published on Wed, Dec 3 2008, 16:13 GMT
Archive
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Published On Wed, Nov 4 2009, 16:31 GMT - Chart of the Day – EUR/USD
Published On Tue, Nov 3 2009, 16:05 GMT - Chart of the Day – AUD/USD
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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.
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