GBP/USD – Bearishness Targets Downtrend Continuation
Price action on GBP/USD (a 4-hour chart of which is shown) as of Tuesday (8/31/2010) has dropped to approach support in the 1.5350 price region. This occurs within the context of a relatively choppy descent from the 6-month high just under 1.6000 reached in early August. This descent has formed a clear downtrend resistance line. For more technical analysis on this currency pair, please click here for Tuesday’s (8/31/2010) Chart of the Day.
James Chen, CTA, CMT
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