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GBPUSD : Remembering Good Old Days

GBPUSD : 4 Hour Chart

Britain Pound today found some strength after the upbeat UK services PMI data and rose a little. The pair recently weakened against US dollar reversing the upward rally to downtrend in response to the expectations among investors that the Fed might increase interest rate earlier than expected. Pound fell from the multi-year highs after that.The official data showed that the Services Purchasing Manager Index ticked up to 18 month high reading of 59 which economists were expecting to jump to 57.9. The service sector activity expanded at the fastest rate in July since December. Although the pair rose but it was not able to break above the resistance trend line of the channel within which it is trading. The pair again fell down from the resistance trend line. There is a key support at 1.6816 from which it might again find support and rise. A break below this support might open possibilities for further lower levels which we will see on the daily chart. On the other hand if the pair breaks above the resistance trend line of the falling channel, it might bring some bullish bias towards the pair.

GBPUSD : Daily Chart

If looking at the daily chart, the pair seems like facing resistance from the 100 SMA. We can see the possible support levels if the pair continues to decline. If it breaks above the falling resistance trend line of the channel, it will find the nearest resistance at 1.6918.