FX.co ★ GBP/USD in minor down-channel

GBP/USD Uptrend Intact!

The GBP/USD pair dropped in the short term after failing to reach the 1.1500 psychological level. It has dropped within a down-channel and it could approach and reach 1.1038 and the uptrend lines which represent downside obstacles.

The channel's downside line represents obstacles as well. As long as it stays above the uptrend line, the price could jump higher anytime.

GBP/USD Trading Conclusion!

Staying above the uptrend line and jumping above the minor downtrend line may signal an upside movement, an upwards continuation. This scenario could help the buyers to buy this pair.

Dropping and stabilizing below the uptrend line and under 1.1038 could activate a larger drop.