Looking at GBPUSD Chart, we can see its been trading in a channel since the 31st of March, bouncing between overhead resistance of 1.318 and a support level at 1.31. Earlier in today’s session, it managed to climb to the 1.316 range, moving away from yesterday’s trending around the 1.31 support level, but there was an immediate reaction, leading to the retraction and the fall from 1.316 to 1.304 where it found temporary support. It was last found trading at the 1.305 range.

Today we can expect a short-term pattern continuation and move towards and below the 1.304 temporary support.

If however, it manages to hold on to the current level, then we could expect a move towards the 1.31 range.

(Click on image to enlarge)