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Pound Trying to Revive on No Campaign Victory in Scottish Independence Referendum

GBPUSD : 4 Hour Chart

GBPUSD today posted some gains and tried to break out from the symmetrical triangle trend on the 4 hour chart. We can see that the pair got resistance from the 200 day SMA and now again back within the consolidation triangle. Currently the pair is testing the key support at 1.6342. The trend still remain bullish as we can see on the chart, the 50 day SMA is now contracting towards the 100 day SMA signaling an uptrend continuation. If the pair is able to hold above the rising support trend line of the triangle, the bullish trend will continue to dominate. However if it declines below this trend line, bearish trend will come again in picture.

Fundamentally the pound strengthened and posted gains after the independence referendum for Scotland resulted in victory for No campaign and rejected independence. There is no important data for US today but the trend of GBPUSD itself seems to be choppy today as it trimmed its gains soon after the surge.