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GBP/USD Testing Trendline Resistance

The BoE did as expected last week, maintaining its asset purchase program and key interest rates. The GBP/USD formed a double bottom ahead of the BoE decision, and rallied above it afterwards.

(gbpusd 4h chart 6/8)

Cable ended the last retreating from a falling trendline resistance. The reaction shows that the bullish outlook is shelved until a break above 1.6850. If price does push above 1.6850, the resistance pivot at 1.69, then the 1.70 handle will be in sight.

However, a break below 1.6780 puts the focus back toward the 1.67 low. A break below 1.67 opens up the 1.66 handle.