GBP/USD Up Channel Violated!
The GBP/USD pair dropped like a rock in the short term and now is trading at 1.2915 at the time of writing. As you can see on the H1 chart, the sellers are very strong as the US economic data boosted the USD.
The price increased within an up channel in the short term. Dropping below the uptrend line signaled that the upwards movement is over and that the sellers could take it down again. Technically, the former low of 1.2905 represents a downside obstacle.
GBP/USD Trading Conclusion!
Dropping and stabilizing below 1.2905 may announce a broader drop.
