Back down after printing 1.4501
The GBPUSD printed the 4th different big figure handle when it ticked to 1.4501 (1.42, 1.43, 1.44, 1.45). The time at the level was short lived as the price has quickly taken back about 40-50 pips. The range is 281 pips. So one can expect the volatility, but there is always those big figure levels that raise nervousness when they hold.
Looking at the 5-minute chart, the pair has been accelerating since correcting into a key area (for me at least) between the 1.4352 and 1.4378 level (see earlier post which shows the importance of the area for me). There was a break of the topside channel trend line on two separate occasions near the highs, but the slope at the tops is flatter - suggesting a slowing of momentum potentially. The steeper lower trend line has now been broken on the downside. So that is a bit more corrective bearish. There should be support at the 1.4440 area but rallies may also have more reluctance for the times being.
Overall, however, being back above the 1.4352-78 area is key. The pair was also moving above a trend line at that area (see chart below). the 1.4563-78 and then the 1.4671 areas are the next upside targets going forward. The 1.4671 would be a pretty tough level as it represents the 50% and and is within 5 pips of the Feb 4 high at 1.4666.
