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GBP/USD Reaches for Resistance

GBP/USD (a daily chart of which is shown) as of Monday (1/31/2011) has made a significant bullish push, reaching up once again to break tentatively above key psychological resistance around the 1.6000 price region. This occurs in the midst of approximately two weeks of a trading range consolidation that followed on the heels of a substantial bullish run in early January. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT