GBPUSD is lower on the day. Lower trend line stalled the fall
The GBPUSD trades in between channel trend lines on the hourly chart below. The pair has moved lower on the day, but it did find support buyers near a lower trend line at the day's lows. Since then, the price has been waffling up and down.
The channel lines are currently at the 1.2605 area on the topside, and the 1.25418 level below. We currently trading at 1.2571 between the two extremes. Each of the trend lines are moving lower.
In between is an old swing level from mid-June at the 1.25689-714 area. The price has traded above and below that area today. The "market" is unsure of the next move. So it consolidates in the channel. Traders are looking for the next shove (one way or the other). A move below the area is more bearish. Stay above is more bulish.
YEsterday, the GBPUSD got a push lower on the back of weaker construction PMI data. Later in the day BOE Carney was more dovish, suggesting an insurance cut may be needed. That has kept a lid on the pair (albeit with some choppy price action).
