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EUR/GBP 4-Hour Chart — August 28, 2009

By James Chen , Published: 8/28/2009
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

8/28/2009 – EUR/GBP – After traversing up a dramatically steep parallel uptrend channel for the past week and a half, price action on EUR/GBP, a 4-hour chart of which is shown, has finally shown signs of a potential bullish exhaustion by making a tentative breakdown below the channel. This occurs after price hit a 12-week high of 0.8837 on Thursday. With continued bearishness on this breakdown, a clear initial support target to the downside resides around the 0.8700 price region. To the upside, a significant level to watch is the double-tested 0.8865 level, which, if broken convincingly, could continue the recent steep bullishness and potentially target further resistance around the key 0.9080 price region.

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James Chen, CMT
Chief Technical Strategist,
FX Solutions

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