Morgan Stanley picks GBP/USD as its technical FX chart of the week, where MS is medium-term bearish but sees the pair in a wide range over the next few months, and within this range there are set to be clear tradable moves. On the 10-year GBP/USD chart: "We believe that GBPUSD has completed a major multi-year corrective pattern, with the 1.7192 high of last year representing a 4th wave top. This implies that the early stages of a major 5th wave decline are currently developing, which has the potential to result in long-term GBP weakness against USD. Indeed, the long-term trendline from the 2008 lows has also been ... (full story)