GBP/USD Temporary Growth!
The GBP/JPY pair increased a little in the short term. It was traded at 1.1899 at the time of writing below 1.1947 today's high. As you can see on the H1 chart, the price failed to stay above the downtrend line and above 1.1933 signaling strong sellers and a potential new downside movement.
The downtrend line represents an upside obstacle. As long as it stays under this level, the GBP/USD pair could come back down at least towards the 1.1827 former low which stands as a downside obstacle.
GBP/USD Trading Conclusion!
Failing to stay above the downtrend line, the fasle breakout above this upside obstacle, signaled a new downside movement. Only jumping and stabilizign above the downtrend line and above the 1.1947 could really activate an upside reversal and could bring buying opportunities.
Testing and retesting the downtrend line could bring new selling opportunities. A larger downside movement could be activated if the rate drops and stabilizes below 1.1827.
