The GBP/USD pair fell from its resistance level on a 30 minute time frame. This resistance level was given in our analysis yesterday. The price action has clearly broken its downward channel with medium conviction to the upside. The pair is trading below the 50 day (shown in green) moving average but above its 100 day (shown in yellow) moving average. The price action also respects its upward trend line (shown in pink). All this suggests that the bulls are still somewhat in control however the price is becoming weaker.
The volatility for the pair remains low as the price is trading within the Bollinger band and near its 20 day moving average. The RSI is trading in line with the price action however it is approaching near its oversold zone.