Price action on GBP/USD, a daily chart of which is shown, has just made a clean breakout above a long-term downtrend resistance line extending from the July 2008 high. This breakout is a significant first step in possibly breaking out of the prolonged consolidation that has characterized this currency pair since June of this year. Whereas other major dollar-based pairs are currently entrenched within very clear and strong medium-term trends (uptrend on EUR/USD, downtrend on USD/JPY, downtrend on USD/CHF, downtrend on USD/CAD, and uptrend on AUD/USD), the overall trend on GBP/USD is presently unclear. For more technical analysis on this currency pair, please click here for Wednesday’s (10/21/2009) Chart of the Day.
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