Forex technical analysis: GBPUSD continues the chop but holds support

Above broken trend line.

The BOE is ahead tomorrow, but the GBPUSD is still trading near the highest levels since September 2016. Typically, there should be a little pull back from an extreme into a key release/event, but the pair is holding support. That could change. What would be more corrective?

Looking at the hourly chart, the pair has been chopping around (see post yesterday). Today, the pair continued that chop in the Asian session but could not go too far. In the London/early NY session the pair held above the broken trend line. That is something new. Nevertheless, that trend line will be eyed (it is at 1.3212) for corrective clues.

Taking a broader look at the daily chart, the pair remains above the broken topside trend line there. That trend line comes in at 1.3176 today. If there is a corrective move that level will also be eyed.

The price is above the support on the hourly and the support on the daily.

Honestly, until the price moves below the 1.3212 level, the buyers are still more in control. Traders might anticipate a further fall, but technically, the tools and price action shows that the sellers just have not overtaken the buyers.

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