Tuesday July 15, 2008 - 15:26:13 GMT
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Chart of the Day - 7/15/2008 - GBP/USD
(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 line in yellow; 200-period simple moving average in light blue.)
7/15/2008 â€“ GBP/USD â€“ After a relatively dramatic move up on Tuesday morning, price on the GBP/USD (the daily chart of which is shown) hit and promptly retreated from the top resistance line of a short-term uptrend channel. This channel is represented by the short parallel green lines. Though this resistance is much less significant than the resistance imposed by the all-time high that was reached by the EUR/USD pair on the same morning, GBP/USD is also showing technical signs of having possibly hit a momentum barrier, at least for the time being. From a technical perspective, a short-term correction is due. In the event that this occurs, the logical first support target to the downside would reside at or near the bottom of the uptrend channel.
Chief Technical Analyst
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