| GBP/USD - Ascent to Key Resistance Posted: 09 Dec 2010 09:06 AM PST  Price action on GBP/USD (a daily chart of which is shown) as of Thursday (12/09/2010) has ascended to hit a key resistance confluence in the 1.5840 price region. This level was last hit as support in mid-November, and has since become resistance after the level was broken to the downside. Another resistance factor in the current confluence is the downtrend resistance line extending from the early November high. For more technical analysis on this currency pair, please click here for Thursday’s (12/09/2010) 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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