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GBPUSD : Bullish Trend Continues

GBPUSD came down breaking the support trend line of the upward sloping channel but found support at 1.6852. On the daily chart the pair still shows a bullish trend as the long term moving averages 100 day and 200 day SMAs are moving parallel indicating that the long term investors support the uptrend and the trend is strong. So in long term the pair is still bullish.

On the 4 hour chart we can see that the previous support trend line of the channel now acting as a resistance for the pair. After declining from this resistance trend line the pair should again find support at 1.6852. As there is no major data coming out today we would not see much fluctuation in the pair.