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GBP/USD Rises Towards Another Resistance Retest

GBP/USD (a daily chart of which is shown) as of Monday (2/28/2011) has continued its rangebound consolidation, roughly trading between key support around 1.6000 and key resistance around 1.6300, that has been in place since the beginning of the month. Having made a significant bullish push today, price action has once again risen to attempt yet another re-test of the key 1.6300 resistance. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT