GBPUSD Slips Below the Trend Line

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The pound sterling is trading mixed on Tuesday. Following last week’s rally to the 1.2643 level, the GBPUSD has failed to breakout above this level.

This has pushed prices lower threatening the rising trend line.

At the time of writing, the GBPUSD is trading below this trend line which could suggest a move to the downside.

The initial support area is at the 1.2516 level. However, there is a possibility for minor support to form near the previous swing low point of 1.2584.

Given the way the Stochastics oscillator is positioned, we could expect to see price attempting to breakout to the upside if the support holds.

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