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GBP/USD Hits Uptrend Support

GBP/USD (a 4-hour chart of which is shown) as of Monday (11/22/2010) has once again reached down to hit a key uptrend support line extending from the September low. This occurs after price fell from the 1.6100 resistance area and a downtrend resistance line extending from the early November highs around 1.6300. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT