Finds support at channel trend line
The GBPUSD is correcting higher in early NY trading after hitting/creating a channel trend line at the day lows. The topside trend line has been broken on the corrective move higher (and stayed above it on the test). That is more bullish intraday at least. Looking at the chart below the pair is moving to test the 100 bar MA on this chart at the 1.2331. The other key level to stay below if the sellers want to keep control, is at 1.2350 area (up to 1.23528 line). Before today, that was where most of the trading has occurred since Friday's crash. Today, the price fell below that level and stayed below.
Looking at the 5 minute chart, there is a similar picture of course. The price did move above the 200 bar MA on that chart at 1.23136. Yesterday there was a brief break above it as well. That move failed. Watch that line now (green line in the chart below).
