GBPUSD is trading at 1.3911 after making a low around 1.3777 and very close to the lower channel boundary. Price has so far respected the bullish channel and is bouncing off the lower boundary. Medium-term trend remains bullish and holding above 1.3777-1.38 is crucial for the short-term trend.
GBPUSD is in a bullish trend as long as price is inside the bullish channel. Support is found at 1.38-1.3770. Breaking below this level will open the way for a move lower towards 1.34. However as we said above, as long as price respects the channel boundaries trend will remain bullish. Taking long positions near channel boundary remains our primary trading strategy as stops are close, risk lower.
