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GBP/USD Continues Weakness, Targets Further Downside

GBP/USD (a daily chart of which is shown) as of Thursday (5/19/2011) has continued its strongly bearish bias that has been in place since the beginning of May, when price turned down from its long-term high just under the 1.6750 region. After retreating from that high in the beginning of May, price has made a substantial bearish correction that has dropped below several important support levels. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT