| GBP/USD - At Bullish Trendline Support Posted: 02 Dec 2010 09:41 AM PST  Price action on GBP/USD (a daily chart of which is shown) as of Thursday (12/02/2010) has dropped down to touch yet another uptrend support line, this one extending all the way back to the May low. This occurs after price action broke down below several support levels in the past couple of weeks, including a steeper uptrend support line around 1.5900. A breakdown below the current trendline would represent a critical move, as this trendline is essentially the last demarcation of the overall bullish trend. For more technical analysis on this currency pair, please click here for Thursday’s (12/02/2010) 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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