GBPUSD is trading at 1.3567 after reaching as high as 1.3602. GBPUSD continues to trade inside the long-term downward sloping bearish channel. With price so close to the upper channel boundary, I prefer to be neutral if not bearish at current levels.
GBPUSD technically remains in a bullish trend making higher highs and higher lows. Price has reached key channel resistance and the RSI in the smaller times frames has started providing us with bearish divergence signals. A daily close below 1.3525 will increase the chances of a reversal. At current levels we prefer to be bearish GBPUSD, as key resistance is very close to the market price while the downside potential is much bigger than the upside.
