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Forex Trading Technical Analysis (2010/09/07) GBP/USD Continues Downtrend with Fresh 6-Week Low

GBP/USD (a 4-hour chart of which is shown) as of Tuesday (9/07/2010) has tentatively broken down below the previous major low of 1.5325 hit in late August to establish a new 6-week low just below 1.5300. This occurs within the context of a new potential downtrend extending back to mid-August. For more GBP/USD forex technical analysis, please click here.

James Chen, CTA, CMT