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GBPUSD : Is the Rally Over?

GBPUSD today is heading down in response to the BOE Governor Mark Carney statement that the increase in interest rate would be limited and gradual. Also the timing of a rate increase will be driven by the data. Earlier the pair was rising and reached 5 five year highs in the expectation that the central bank will increase the interest rates sooner than later.

(GBPUSD : 4 Hour Chart)

On the 4 hour chart, the pair now seems like trading within a downward sloping channel and testing the 50 day SMA. Breaking below the 50 day SMA might bring some bearish moves to the pair. Breakout or breakdown from the resistance or support trend line of channel respectively will define the further trend of the pair.