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Forex Trading Technical Analysis (2010/10/12) EUR/GBP Breaks to the Upside

EUR/GBP (a 4-hour chart of which is shown) as of Tuesday (10/12/2010) has made a swift breakout above key resistance in the 0.8730 price region as well as a counter-trend retracement trendline that has been in place since late last week. This breakout occurs within the context of a clear parallel uptrend channel extending back to the early September low. For more EUR/GBP forex technical analysis, please click here.

James Chen, CTA, CMT