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Forex Trading Technical Analysis (2010/08/31) GBP/USD Potentially Targets 1.5200 Downside

GBP/USD (a 4-hour chart of which is shown) as of Tuesday (8/31/2010) has dropped to approach support in the 1.5350 price region. This occurs within the context of a relatively choppy descent from the 6-month high just under 1.6000 reached in early August. This descent has formed a clear downtrend resistance line. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT