| GBP/USD - Potential Downtrend Continuation after Correction Posted: 03 Jun 2010 08:58 AM PDT  Price action on GBP/USD, a 4-hour chart of which is shown, has just respected a key downtrend resistance line extending from the late April high. This occurs within the context of a strong long-term downtrend, and comes on the heels of a bullish correction beginning in late May. Traders following the long-term and medium-term bearish trend are looking for potential downside trading opportunities where the downtrend may continue after the current bullish correction/pullback exhausts itself. For more technical analysis on this currency pair, please click here for Thursday’s (6/03/2010) 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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