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Forex Trading Technical Analysis (2010/08/06) GBP/USD Establishes 6-Month High Around 1.60

GBP/USD (a 4-hour chart of which is shown) as of Friday (8/06/2010) morning, has reached all the way up to approach key psychological resistance in the 1.6000 price region on the heels of the non-farm payrolls (NYSE:NFP) report, establishing a new 6-month high for the pair. This occurs within the context of a strong overall uptrend extending back to the May lows. For more GBP/USD technical analysis, please click here.

James Chen, CTA, CMT