Photo by Philip Veater on Unsplash
Looking at GBPUSD Chart, we can see it’s been trading in a channel from the 9th of April up until yesterday’s session, bouncing between support of 1.298 and overhead resistance of 1.305. Early on yesterday’s session, we saw it rally from the 1.3 range to the high of 1.314 but unable to consolidate at that level it experienced a retraction, falling back to the 1.305 level where it was last found trading.
Today we can expect a move towards the 1.314 closest overhead resistance due to the spike in positive momentum.
If however, it doesn’t manage to hold on to the current level, then we could expect a move close to the 1.296 support level.
(Click on image to enlarge)
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