(Please click on the accompanying chart to enlarge.)
As of early Tuesday morning (New York session), the GBP/USD breakdown of the long-term uptrend line has extended its bearish run. This uptrend line should now serve as solid resistance to the upside, as previous support has becomes resistance. To the downside, the 1.8150 region continues to serve as major support going forward.
- James
James Chen is the Chief Technical Analyst at FX Solutions, a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT) Level 3 candidate. At FX Solutions, Mr. Chen writes daily currency analysis, conducts forex trading seminars, and has authored numerous articles on currency trading and technical analysis for major financial publications. His upcoming book, Essentials of Foreign Exchange Trading (John Wiley & Sons), will be released in early 2009.
Technical Trading Tips and Techniques by 
