Looking at GBPUSD Chart, we can see it’s been trading in a channel until the 14th of April, bouncing between support of 1.298 and overhead resistance of 1.305. On the 14th of April we saw it rally from the 1.3 range to the high of 1.314 but being unable to consolidate at that level it experienced a retraction, falling back to the 1.305 level where it continued to trade for the 15th of April also. Earlier today it broke down below the 1.305 level and fell into the 1.302 where it was last found trading.
Today we can expect consolidation or fall towards the 1.3 range.
If, however, it manages to hold on to the current level, then we could expect a move close to the 1.308 resistance level.
(Click on image to enlarge)
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