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GBP/USD - Breakout to Fresh Long-Term High
Posted on March 22, 2011 at 14:16 in Analysis by James Chen

Price action on GBP/USD (a daily chart of which is shown) as of Tuesday (3/22/2011) has broken out to the upside to hit a new long-term high around 1.6400, nearly a 14-month high for this currency pair, also breaking the trading range consolidation that has characterized GBP/USD since early February. 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 (3/22/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

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