FX Path

Posted: 24 Sep 2009 07:22 AM PDT

Prolonged consolidation on GBP/USD, a daily chart of which is shown, has assumed a substantially more bearish bias than the euro against the dollar. This can be seen in the significant jump that the key EUR/GBP cross has made as of Thursday (9/24/2009). In the case of GBP/USD, the immediate event to watch for would be a strong breakdown below 1.6100 support. For more technical analysis on this currency pair, please click here for Thursday’s (9/24/2009) Chart of the Day.

- James Chen, CTA, CMT

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