Price action on GBP/USD (a daily chart of which is shown) as of Tuesday (2/08/2011) has dropped off considerably to approach the key 1.6000 psychological support level. This occurs within the context of an uptrend that has been in place since the beginning of the year. For more technical analysis on this currency pair, please click here for Tuesday’s (2/08/2011) Chart of the Day.
James Chen, CTA, CMT
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