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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; horizontal support/resistance levels in yellow; 50-period simple moving average in light blue.)
12/05/2008 – EUR/GBP – Currently near record levels, the key EUR/GBP cross (a daily chart of which is shown) has surpassed the recent decade-plus high for the pair set just last month at around 0.8660. Thursday’s price action broke right through that previous high and set a new one at around 0.8720. Friday’s price action has thus far double-tested, but has not been unable to surpass, the lofty level set on Thursday. If, however, it manages to do so with conviction, the pair could eventually target the historical resistance high around the 0.9000 region, which is also a key 38.2% extension to the upside. A retreat and decisive close back down below the aforementioned 0.8660 previous high, however, could label the new double-tested high as a false break and prompt a swift retreat back down to less extreme levels. In this event, strong support to the downside resides around the 0.8340 level.
James Chen
Chief Technical Strategist
FX Solutions
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