The GBPUSD is hanging at the key resistance area as defined trend lines.

  • As outlined earlier, the downward sloping trend line from the April 30th high connecting to the June 20th high comes in at the 1.56785. 
  • The upward channel trend line which was broken last week comes in at the 1.56818. 
  • The price is above the 38.2% of the move down from the April 30th high. That level comes in at the 1.56613. 
  • The price is also back above what was floor support in February and March and part of May before breaking lower. That area came in 1.5634-53

This is all bullish for the pair as the weekend moves forward.

The next key target for next weeks trade will come in at the  1.5748 level. Above that 1.5783 (50% of the move down from April high) and 100 day MA at 1.5813. 

The bullish bias is hurt if the price were to move back below the 1.5661 level and then the 1.5634 level.  A move below this area would tarnish the bullishness from the move higher today.