GBPUSD reached as high as 1.3618 earlier today, only to turn negative after the middle of the European session. GBPUSD is trading just above 1.3565 and it seems that another rejection at 1.36 is under formation. Also the Daily candle with a long upper tail is also an added bearish signal.
Red line -support trend line
GBPUSD continues to trade inside the medium-term bearish channel and above the red upward sloping support trend line. Price is getting another rejection at 1.36 and it is very important for bulls to manage to hold above 1.3530, because if that low is broken, we will have a confirmed rejection at the upper channel boundary. With RSI close to overbought levels, price testing the channel resistance, the chances for a reversal are high and at current levels I prefer to be neutral if not bearish.
