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GBP/USD Attempts Move Above 1.6000

GBP/USD (a daily chart of which is shown) as of Wednesday (1/19/2011) has continued its consistently and dramatically bullish stance that has been in place since the beginning of the year. During the course of this bullishness, price action launched off its key 1.5350 support base and then broke out cleanly above a bullish descending wedge pattern. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT