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GBP/USD Continues Dramatic Plummet

GBP/USD (daily chart) as of Thursday (9/22/2011) has continued its dramatic plummet since Wednesday, extending the sharp bearish trend that has been in place since the mid-August 1.6616 high. The current drop has brought price down to hit and dip under key support in the important 1.5350 price region. The steepness of this bearishness should soon prompt some corrective price action in the form of a pullback, but the overall directional bias continues to be to the downside. For more GBP/USD forex technical analysis, please click here.

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