GBPUSD REJECTED AT KEY TRENDLINE
The pair has failed to move above back above the key uptrend line it broke below on Friday, and it has currently traded as high as 1.2848.
So far the pair has made an impressive 40 pip rally to the upside, with near by resistance above 1.2848 currently located at 1.2865 and 1.2889.
The M5 chart indicates that near term support is located at 1.2830 with a move below 1.2815 needed to relieve short term bullish pressures.
The H1 chart highlights the current intraday trendline rejection, with traders aware the trendline had been supporting the recent 1.2100-1.3048 up move on GBPUSD.
Moving average support for the pair comes in at 1.2815, with moving average resistance above 1.2848 located at 1.2866 and 1.2920.