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GBP/USD Breaks Down, Targets Further Downside

GBP/USD (daily chart) as of Thursday (6/23/2011) has made a swift and strong breakdown below multiple support levels, indicating a potential trend change for the pair after confirming a breakdown of the longstanding bullish support trendline that was in place since the May 2010 lows, more than one year ago. For more GBP/USD forex technical analysis, please click here.

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