Wednesday September 10, 2008 - 16:49:25 GMT
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Chart of the Day - 9/10/2008 - EUR/GBP
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart pattern in yellow; 50-period simple moving average in light blue.)
9/10/2008 â€“ EUR/GBP â€“ After EUR/GBP (a daily chart of which is shown) managed to reach a very long-term high last week at around 0.8185, price has corrected all the way back down to the top border of the rough triangle formation that it broke out of two weeks ago. This might be considered a possible breakout-pullback-continuation move if price subsequently makes a strong bounce back up from the top of this triangle. If this occurs, initial resistance clearly resides around the abovementioned long-term high, before any potential move towards new highs could take place. A breakdown back into the triangle, on the other hand, should meet further support around the uptrend line (in green) that has provided support for the pairâ€™s impressive uptrend since at least one year ago.
Chief Technical Analyst
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