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GBP/USD Bearishness Targeting 1.55 Downside to Further Downtrend



GBP/USD (daily chart) as of Monday (9/19/2011) has continued its dramatic overall bearishness of the last several weeks by making a significant breakdown below key 1.5750 area support. This breakdown caps off a full month of steeply bearish price action coming off the mid-August 1.6616 high. Now that a breakdown below the 1.5750 support region has been made, the next major support target to the downside resides around the 1.5500 price region. For more GBP/USD forex technical analysis, please click here.

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