| GBP/USD - Potentially Targeting More Downside Posted: 12 May 2010 08:31 AM PDT  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. For more technical analysis on this currency pair, please click here for Wednesday’s (5/12/2010) Chart of the Day.
James Chen, CTA, CMT * For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
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