5/14/2008 – GBP/USD – With the dollar-strengthening plummet that has occurred in the past couple of days on the GBP/USD daily chart, as shown, price action has tentatively formed a large descending triangle pattern (represented on the chart by the yellow lines). Support at the bottom line of this triangle, which corresponds to the double/triple bottom that formed earlier this year, is holding steady as of this writing. But this descending triangle has bearish overtones, as it can be considered a continuation of the recent downtrend that began after the multi-decade peak was hit in November 2007. With near-term ... (full story)