| GBP/USD - Further Bearishness Expected Posted: 17 May 2010 08:36 AM PDT  Price action on GBP/USD, a daily chart of which is shown, has continued its bearishness from last week, when price reached down to hit its expected 1.4500 downside target at the close of the week. This occurs within the context of a steep overall downtrend that began to accelerate in early May. Opening the new trading week, price has continued its descent all the way down to the 1.4250 price region, establishing a new 13-month low, before correcting significantly back up. For more technical analysis on this currency pair, please click here for Monday’s (5/17/2010) 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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* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here. 
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