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EUR/GBP Breaks Down Within Bearish Trend

EUR/GBP (a 4-hour chart of which is shown) as of Tuesday (11/23/2010) has once again dropped down to (and slightly breached) key support in the 0.8450 price region, the level that was established as a double-bottom low early last week. This 0.8450 support level currently also coincides approximately with a key uptrend support line extending from the August low. For more EUR/GBP forex technical analysis, please click here.

James Chen, CTA, CMT