Forex Trading: GBPUSD Between Two Trendlines.
The bottom of the trendline broken last week held topside resistance. The downside support line was tested, pressuring the line at 1.4986 but has bounced back above the 1.5000 level.
The low reached today at 1.4972 matched the last low from yesterday before the move higher in NY trading. The topside resistance comes in against the midpoint fo the weeks 2 day range at the 1.5021 level and above that at 100 bar MA on the 5 minute chart at the 1.5034 level (blue line in the chart below).
The GBPUSD has been pressured on the back of slightly lower inflation released over night (CPI down to 3.0% instead of 3.1%).
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