Thursday July 31, 2008 - 16:04:50 GMT
Share This Story
FX Solutions - www.fxsol.com
Chart of the Day - 7/31/2008 - 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; 200-period simple moving average in light blue.)
7/31/2008 â€“ GBP/USD â€“ Price on the GBP/USD (a 4-hour chart of which is shown) shot up on Thursday morning to hit a significant resistance point that combines the top of a new short-term downtrend channel (in red) and the underside of the previous short-term uptrend channel (in green) which price broke below within the past several days. After the quick bullish move on Thursday morning, price came back down swiftly, retracing most of the original rally as of this writing. Any continued bearish action should first find some support near the bottom of the red downtrend channel. A rebound, on the other hand, should eventually target the top of the same channel once again.
* Visit my forex tips and techniques blog here: http://fxpath.fxstreet.com
Chief Technical Analyst
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.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."