Price action on GBP/USD, a daily chart of which is shown, has tentatively broken down below an inverted flag pattern consolidation within the context of an overall parallel downtrend channel that has been in place since the mid-November highs. This tentative flag break hints at continued potential bearishness in the pair in line with the prevailing downtrend. For more technical analysis on this currency pair, please click here for Thursday’s (2/18/2010) Chart of the Day.
- James Chen, CTA, CMT
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