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GBPUSD : Signaling a Bullish Trend in an Attempt to Rebound

GBPUSD is showing a rebound on the hourly chart and moving averages are signaling an uptrend continuation. The pair came under pressure and extended decline after a number of recent polls indicated that support for Scottish pro-independence voters had increased ahead of the referendum. However it trimmed some of its losses as a new opinion poll on Scottish independence showed that the 53% of the votes came for no campaign. The concern over which currency Scotland will use and how much debt it would take from the U.K. national debt created pressure on the pound resulting in selloff. On the other hand Carney also indicated that the interest rates may rise in the coming months helping the currency rebound from its lows.

GBPUSD : Hourly Chart

On the hourly chart, the pair seems like following a rising channel pattern and the support trend line is preventing the pair to move further below it. Most probably it will rise from the support trend line towards the rising resistance trend line. However a decline below this support trend line will fade away the bullish attempt. The 50 day SMA is also contracting towards the 100 day SMA signaling an uptrend continuation so the pair is expected to surge.

Another factor to be considered is US data. Department of Labor is releasing Unemployment claims data today at 8:30 AM EDT which if beats the economist's expectation, might create pressure on pound and might force it to decline below the support trend line.