GBP/USD (a daily chart of which is shown) as of Wednesday (4/27/2011) has risen to approach key resistance around the 1.6600 price region before pulling back, after coming very close to hitting that level late last week. This occurs within the context of both a long-term bullish trend extending back for almost a year, as well as shorter-term bullish momentum. For more technical analysis on this currency pair, please click here for Wednesday’s (2011/04/27) Chart of the Day.
James Chen, CTA, CMT
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