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GBPUSD : Trimming Some of its Gains But Still Seems Supported

(GBPUSD : 4 Hour Chart)

Pound continues to weaken in response to the upbeat U.S. non-farm payroll data but remain supported by the rising support trend line on the 4 hour chart. The pair is rising on the expectations that the Bank of England will raise interest rates by the end of this year. The moving averages pattern on the chart are also showing the intact bullish trend. However on the stochastic oscillator the %K line is above the %D line signaling a decline and the pair might break below the rising support trend line. But to me the pair seems supported and if it declines below the support trend line the pair should find support from the 50 day SMA and rise.