7 straight up days. Support tested.
The GBPUSD 7 day streak of higher closes may be in jeopardy in trading today. The pair closed yesterday at 1.5435. The price is currently 80 or so pips away from that level.
The pair has move to lower trend line support on the hourly chart. That line comes in at the 1.5342 level. The 38.2% of the move up from the April 27 low comes in at 1.5347. The low for the day is at 1.5342.
Looking at the daily chart, the underside of the broken trend line also comes in near the low level for the day (see chart below).
As a result, there is a legitimate cause for pause at the days low levels is risk can be defined and risk be limited. Corrections should find resistance at the 1.5389 and 1.5400 now intraday. The 1.5400 level was the low for the day before the break lower in the US trading session.
A move below the 1.5341 will be needed to extend lower with the next targets being the 1.5300 (50% retracement on hourly chart) and the 1.5288 (100 hour MA currently - moving higher).
