Technical Analysis

GBPUSD rebounds off lower trend line but work to do for buyers

Some profit taking

The GBPUSD fell to a lower trend line and stalled on the hourly chart. That is givng sellers a cause for pause. The price is correcting higher and looks toward the lowest trend line at 1.2898.  The pair closed yesterday right near that area. So it is hurdle number 1 for the buyers looking for a larger correction higher.  Other hurdles on the hourly chart is the yellow area. That is the 38.2-50% of the move down. The high price reached 1.29157 today as well. Good resistance target too. 

Speaking of 1.29157, that level was just short of the 50% midpoint of the move up from the years low at 1.29163 (referenced the levels importance in a post from yesterday HERE).  A move above that level today could solicit more upside. 
GBPUSD on the daily chart has the 50% at 1.29163 level


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