GBP/USD temporary rebound
The GBP/USD pair was rising at the time of writing but the pressure was high after a drop below the uptrend line. The price increased within an up channel but now it has shown some overbought signs.
Escaping from the channel's body signaled that GBP/USD could turn to the downside. In the short term, it has found support at the 1.3722 level. Now, it has increased a little trying to reach and retest the uptrend line or the downtrend line.
GBP/USD conclusion
Staying under the downtrend line and dropping below the 1.3722 today's low could activate a larger downside movement.
The material has been provided by InstaForex Company - www.instaforex.com