Forex Trading: GBPUSD Finds Support Off Trendline(s)
The GBPUSD has moved up to the resistance area at the 1.5466 level earlier today ( low are from January 2nd and January 5th) and fell. However, the market ran into support from the close from Friday, the upward sloping trendline the underside of the downward sloping trendline on the hourly chart. That support comes in between 1.5422 and 1.5426 . The low did reach 1.5420 but was quickly rejected.
The price is back higher, but activity remains consolidative for the pair. I would look to be a patient seller against the 1.5466 level. A move above this level would target 1.5486 which is the 38.2% of the move down from last week and the topside channel trendline in the chart above. Below, those who are bullish can lean against the aforementioned level at the 1.5422-26 area, with a stop below 1.5415.
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