On the first two days of GBPUSD performance, it’s moving inside a short term up trend but limited with 1.5190 level. The support level of 1.5158 level should be followed. We are currently looking for the answer of if the price will go up 1.5240 above ists short term trend or goes on falling under 1.5190 level.
But this short term up trend seems to be a simple reaction of buyers, general view is still bearish.
Also as seen in Weekly Period, GBPUSD is near a strong resistance level which is also the support line of its long period weekly up trend. Weekly closings below this bottom trend line may trigger short positions. Closings above this level will trigger a reversal.
So traders should care about these levels for a period of time and please make your decisions according to the closing price of this week.