GBPUSD Moved higher but seeing rotation to turn lower.


The GBPUSD has moved higher today but has run into trendline channel resistance and are seeing some rotation back to the downside.

Changing guard at Buckingham Palace, GBPUSD seeing rotation to turn lower after breaking high.


It will be looking for the 38.2% of the days range to hold support now at the 1.6379 level. If the level can hold any corrective moves, the bulls should remain in control. However, a move back above the 1.6400 level might provide some resistance.

Nevertheless the move higher has been quite robust with the price pushing above early March 2011 high at 1.6342 and the mid March high at the 1.6397 area. In between, those two levels is the high for the current week at the 1.6362 level. A break of 1.6379 would next look to this level for support.

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