The GBPUSD pair is bouncing from its major support zone which was given in our analysis on the 10th of May. The price action also pierced the Bollinger band at this level support. The piercing of the Bollinger band has a significant importance at an important level of support or resistance amongst traders. The RSI is showing a clear sign of deflection in relation to the price action which means that the price is making the lower low but, the RSI is making a higher high. Therefore, the bias could be towards the upside.
The price is trading below the 50 day (shown in green) and 100 day (shown in yellow) moving averages which suggests the weakness for the pair. The GBPUSD also respects its downward trend line and has been unable to break this trend line, which further strengthens the above argument.
1.5304-1.5278 Minor (NOT VALID)