| GBP/USD - Leaning Towards Bearish Trend Continuation Posted: 07 Sep 2010 09:04 AM PDT  Price action on GBP/USD (a 4-hour chart of which is shown) as of Tuesday (9/07/2010) has tentatively broken down below the previous major low of 1.5325 hit in late August to establish a new 6-week low just below 1.5300. This occurs within the context of a new potential downtrend extending back to mid-August, and is represented by a key downtrend resistance line. For more technical analysis on this currency pair, please click here for Tuesday’s (9/07/2010) 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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