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Forex Trading Technical Analysis (2010/08/09) GBP/USD Poised Under 1.60

GBP/USD (a 4-hour chart of which is shown) as of Monday (8/09/2010) has consolidated under key 1.60 psychological resistance, thus far unable to breakout out above the 6-month high established on Friday. The bullishness of the last several months has propelled this currency pair from the 1.4227 low in May to the current highs just below 1.60, for more than a 12% rise in price in less than 3 months. For more GBP/USD technical analysis, please click here.

James Chen, CTA, CMT