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GBP/USD Drops to Long-Term Trendline Support

GBP/USD (daily chart) as of Wednesday (6/15/2011) has dropped significantly down to hit a key long-term uptrend support line extending back to the May 2010 lows. This occurs after price action respected a short-term downtrend resistance line extending back to the late April high. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education