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Chart of the Day - 8/13/2008 - GBP/USD
8/13/2008 – GBP/USD – The deep and rapid plunge in price within the last two weeks on GBP/USD (a daily chart of which is shown), has brought the pair all the way down to the key long-term uptrend support line. This line (represented on the chart by the longest green line) has served as support for many years now. The plummet that has occurred and is occurring on the pair has closely approached this strong support, which currently resides around the 1.8600 level. Any break to the downside below the trendline should meet additional strong support around the 1.8500 region, which is a significant previous horizontal support/resistance level. A bounce at or near support, on the other hand, should first target the 1.8800 region as immediate resistance to the upside. Lending strength to a possible bounce are oscillators like the displayed Stochastics, which are indicating extremely oversold. James Chen Chief Technical Analyst FX Solutions 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. (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; horizontal support/resistance line in yellow; 200-period simple moving average in light blue.)
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