GBP/USD broke below the bullish trend line on the 4-hour chart, indicating that consolidation for the uptrend from 1.2774 is underway. Range trading between 1.3070 and 1.3224 would likely be seen in a couple of days.

Support levels are at 1.3130 and 1.3070. As long as these levels hold, the uptrend could be expected to resume, and a break above 1.3224 resistance could trigger another rise to test 1.3267 previous high resistance. On the downside, a breakdown below 1.3070 support could indicate that the uptrend had completed at 1.3224 already, then the following downside movement could bring price back towards 1.2774 key support.

GBPUSD 4-hour chart

Print Friendly, PDF & Email

Related Posts