Takes out trend line (at 1.2933 now) and the the high from yesterday
The GBPUSD is trading at the highest level since May 25th - taking out the highs from yesterday at 1.29488. The pair moved above the trend line that stalled the rise (for a little bit at least this morning). When the line was broken on the last move higher, perhaps those shorts quickly covered.
In any case, the price has moved back above the trend line at 1.2933 currently. What was resistance now becomes support. That level is now technical support.
WARNING: Although I can draw all sorts of lines, and have moving averages and retracements that give bullish and bearish clues for our trading, the fact is the risk event from the UK election tomorrow can wreck havoc with the markets in the GBP pairs.
That volatility might not manifest itself until late tomorrow when results start to come out. However, it can also lead to more choppy trading conditions in the interim.
So be aware and take a shorter term focus on trades in the GBP pairs if you have no intention of playing the election game. If you want to be in it through the election, understand the liquidity, event and market risk will gradually grow into the election results. A surprise Labour win could see the GBP tumble (they are gaining ground since the announcement day for sure). A victory by the Conservatives should be supportive.