Price action on EUR/GBP, a daily chart of which is shown, has once again dropped down to key support in the 0.8600 price region. This occurs after price broke down below a confluence of two uptrend support lines, one extending from the June 2009 low and the other extending from the July 2007 low. After that breakdown, price hit its downside support target around 0.8600 on Friday, but quickly corrected back up to re-test the trendline confluence. For more technical analysis on this currency pair, please click here for Monday’s (4/26/2010) Chart of the Day.

James Chen, CTA, CMT

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