Trades in channel
The GBPUSD is making a comeback and trades at new NY session highs. The price is still down on the day, but making progress in taking back some of the declines.
Comments from BOE Cunliffe have helped. He said earlier that the significant drop of activity in UK was driven by poor weather, and the it is likely the overall picture is an economy expanding around or a little of potential growth rate.
Technically, the price dipped to lower channel trend line on the hourly chart and also near low levels from earlier in July. The low for the month came in at 1.3094 on July 2. The low on July 3rd came in at 1.3113. The low today reached between those levels at 1.3102.
The price is trading at 1.3171. The close from yesterday was around 1.3200. The topside trend line cuts across around that area. It is also the 38.2% of the move down from Monday high and prior swing levels. That would be a target now on more upside momentum.
The tide continues to turn.
