(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)
Monday’s fast-moving bearish price action on the GBP/USD daily chart, as shown, has broken down below a well-formed triangle formation. Any continued downward momentum on this break should target initial key support around the 1.6800 region, which is the level of the last major swing low (and the five-year low in the pair).
UPDATE: As of early Wednesday morning in New York, strong bearish price action in the last couple of days has brought price down well below the bottom point of the triangle (around 1.6800), thereby confirming a steep downtrend continuation.
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