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GBP/USD Bumps Up Against Resistance Confluence

GBP/USD (a daily chart of which is shown) as of Thursday (12/09/2010) has ascended to hit a key resistance confluence in the 1.5840 price region. This level was last hit as support in mid-November, and has since become resistance after the level was broken to the downside. Another resistance factor in the current confluence is the downtrend resistance line extending from the early November high. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT