Price action on GBP/USD has broken down below the neckline of a rough head & shoulders pattern. This occurs after price previously broke down below a key uptrend support line extending from the March low. The right shoulder of the current head & shoulders pattern reached up to just above the 1.6600 level before dropping below the 1.6265 horizontal neckline just yesterday. For more technical analysis on this currency pair, please click here for Thursday’s (8/27/2009) Chart of the Day.
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