The GBPUSD trading in a channel
The GBPUSD is trading in a channel with more of a bearish bias. The price also traded below the 200 hour MA today. Yesterday, that MA was busted early in the NY session, on reports of stalls in Brexit negotiations, and stayed below that MA for the rest of the day (see green line at 1.30699). The high today reached 1.30663 and reversed lower. Going forward, if the bulls are to push higher, that MA would need to be broken.
Not all is bearish, however, in the pair. Looking at the chart, the pair has been banging against the April 9th swing low at 1.30297. We have seen lows at 1.3031, 1.3031 again and most recently at 1.30281. That last low got below the April 9th low, but went nowhere. As a result, we are seeing some sellers giving up. The pirce has been above to rebound to 1.30488.
The 1.30469-496 was home to some lows from April 10, April 11 and April 12. Yesterday, the level stalled the fall on the first look. If that area can now be broken, the buyers off the floor today would feel more confident and we could see a run toward the 50% at 1.3059 and the topside channel line at 1.30657 currently