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GBP/USD Retreats from Resistance Ceiling

GBP/USD (a daily chart of which is shown) as of Thursday (2/03/2011) has retreated after closely approaching the 1.6297 resistance high hit in early November, missing that upside target by just around 20 pips. After hitting a 1.6276 high in early Thursday trading, establishing almost a three-month high in the process, price action retreated swiftly. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT