Lower trend line currently comes in at 1.2536.
The GBPUSD is higher on the day but did correct in the London morning session down toward a lower trend line. Dip buyers came in near that level and has pushed the price to a new session high at 1.25871. The lower trend line currently comes in at 1.2536. A move back below that trend line would be needed to hurt the bullish technical bias.
That bullish bias was helped yesterday after the pair broke above a swing ceiling at 1.24717 to 1.2484. The corrective move back down toward that swing area stalled the fall. The price based and moved higher into the New York afternoon. In the Asian session today, the trend line held in the price moved higher.
The price currently trades at around 1.2567. That is below the high for the day and traders will need to see that high price at 1.2587 broken. On a continuation of the momentum to the upside, a topside trend line comes in at 1.2620 on the hourly chart.
What may be stalling the price rise, comes from the daily chart (see chart below). The swing high going back to September 2019 reached 1.2581. That was also near highs going back to July 2019 (see red numbered circles). The price high today did extend to 1.2587, but we are back below the old swing high ceiling currently. If the price is to go higher getting above the 1.2581 level would be needed. Keep an eye on that level for clues today. A move above on the daily chart would look toward the 200 day moving average at 1.26468.
The hourly chart is looking constructive/bullish for the GBPUSD buyers. However, there is some overhead resistance at the 1.2581 level to contend that would give the buyers more confidence.
