Price action on GBP/USD (a 4-hour chart of which is shown) as of Wednesday (10/06/2010) has been adhering to a rough parallel uptrend channel since mid-September after pivoting off the lows around 1.5300 in early September. Within this uptrend channel, a clear upside resistance target currently resides in the key 1.6000 price region. For more technical analysis on this currency pair, please click here for Wednesday’s (10/06/2010) Chart of the Day.
James Chen, CTA, CMT
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