Some profit taking
The GBPUSD fell to a lower trend line and stalled on the hourly chart. That is givng sellers a cause for pause. The price is correcting higher and looks toward the lowest trend line at 1.2898. The pair closed yesterday right near that area. So it is hurdle number 1 for the buyers looking for a larger correction higher. Other hurdles on the hourly chart is the yellow area. That is the 38.2-50% of the move down. The high price reached 1.29157 today as well. Good resistance target too.
Speaking of 1.29157, that level was just short of the 50% midpoint of the move up from the years low at 1.29163 (referenced the levels importance in a post from yesterday HERE). A move above that level today could solicit more upside.
