Friday July 11, 2008 - 15:52:28 GMT
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Chart of the Day - 7/11/2008 - EUR/GBP
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; downtrend line in red; 50-period simple moving average in light blue.)
7/11/2008 â€“ EUR/GBP â€“ As noted on a previous Chart of the Day just a couple of days ago, the EUR/GBP (a daily chart of which is shown), had formed a large symmetrical triangle formation, much like the EUR/JPY had. Unlike EUR/JPY, however, price on the EUR/GBP has not yet broken out of its triangle. This may soon change. Todayâ€™s bar, as shown, is right up against resistance at the top of the triangle. A clean break would represent a triangle continuation of the previous uptrend, and would target the first level of resistance around the multi-year highs in the region of 0.8095.
Chief Technical Analyst
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