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Forex Trading Technical Analysis (2010/08/03) GBP/USD Due for Correction

GBP/USD (a 4-hour chart of which is shown) as of Tuesday (8/03/2010) has been in clearly accelerated uptrend mode since yesterday when it broke out strongly above the top border of an already-steep parallel uptrend channel extending from the May lows. In breaking and accelerating above this channel, price action also broke out above 1.5800 resistance. For more GBP/USD technical analysis, please click here.

James Chen, CTA, CMT