GBP/USD (a daily chart of which is shown) as of Thursday (1/13/2011) has broken out above a descending wedge formation, breaking the bearish trend that has been in place since early November. The dramatic bullishness of the last two days has pushed price up to approach key resistance in the 1.5900 price region. For more GBP/USD forex technical analysis, please click here.
James Chen, CTA, CMT
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