The GBPUSD is moving closer to support on the daily and hourly chart. The 1.5400-02 is the low from June 8th and also the bottom channel trend line on the hourly chart (see chart below). The combination should give sellers a reason to buy. The low for the day is 1.54146 so far. I would expect stops below the 1.5400 level.
Should the price rebound from here, I will be eyeing the 1.5433 area (see 5 minute chart below). A move above would be a sign that the trend might be over for the day with a greater balance between buyers and sellers. Until then, however, the sellers remain in control and the 1.5400 level becomes the focus.
