FX.co ★ Short-term trend line analysis on GBPUSD.

GBPUSD is trading at 1.3863 still inside the medium-term bullish channel. Price is challenging major channel support. Price in the intraday level is only moving sideways having formed a short-term trading range.

GBPUSD is trading between 1.38 and 1.40.When price is trading in a trading range we prefer to go long near the lower boundary and short near the upper boundary. Stop loss and reversal in each case if price breaks any of the boundaries.

Green lines - bullish channel

Zooming out we observe price still inside the upward sloping green channel. Price continues making higher highs and higher lows. Price still follows the trend. Breaking out of the bullish channel will be an important bearish signal that should not be ignored. This will happen only if price breaks below 1.38.