May 12 – EUR/USD – In consolidation (0)
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
5/12/2010 – GBP/USD – Price action on GBP/USD, a daily chart of which is shown, has been unable to make a daily close below key support in the 1.4800 price region for more than a year. This is despite several attempts to move below that level for the past several trading days.
Currently, price is firmly entrenched within a strong overall downtrend. 1.5000 support was swiftly broken late last week, and the continuing bearishness in this pair is now struggling with the noted 1.4800 level.
This currency pair is now wavering in consolidation, but a strong breakdown and daily close below the 1.4800 level would be a significant bearish indication, and could then potentially prompt price to target further downside support in the 1.4500 region. Upside resistance within the context of the current downtrend tentatively resides in the key 1.5000 price region.
















