Looking at the GBP/USD chart, we can see its been trading in a channel since Mar. 31, bouncing between overhead resistance of 1.318 and a support level at 1.31.
Earlier today’s session, it climbed to the 1.316 range, away from yesterday’s trending around the 1.31 support level. Still, an immediate reaction led to the retraction and the fall from 1.316 to 1.304, where it found temporary support. It was last found trading at the 1.305 range.
Today we can expect a short-term pattern continuation and move towards and below the 1.304 temporary support. However, if it manages to hold on to the current level, we could expect a move towards the 1.31 range.
