Price action on GBP/USD (a daily chart of which is shown) as of Wednesday (1/19/2011) has continued its consistently and dramatically bullish stance that has been in place since the beginning of the year. During the course of this bullishness, price action launched off its key 1.5350 support base and then broke out cleanly above a bullish descending wedge pattern. For more technical analysis on this currency pair, please click here for Wednesday’s (1/19/2011) Chart of the Day.
James Chen, CTA, CMT
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