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Forex Trading Technical Analysis (2010/08/16) GBP/USD Consolidates Near Bottom of Uptrend Channel

GBP/USD (a 4-hour chart of which is shown) as of Monday (8/16/2010) has bounced up off key 1.5550 support, also the bottom of an important uptrend channel extending back to the May lows, and then rose to hit key resistance at 1.5700 today before retreating. Still within the context of the strong uptrend channel, price has been consolidating sideways for the past couple of days between the two noted levels – 1.5550 and 1.5700. For more GBP/USD technical analysis, please click here.

James Chen, CTA, CMT