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GBP/USD Furthers Bearish Momentum with Trendline Break Downs

GBP/USD (a daily chart of which is shown) as of Friday (5/13/2011) has continued its bearish stance after dropping from its long-term highs near 1.6750 in the beginning of May, and then dropping below a short-term uptrend support line extending back to the late March low. Currently, price has dropped further down to break tentatively below a medium-term uptrend support line. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT