The GBPUSD aggressively pushed lower to start the week. The pair is currently resting at the bottom of its descending channel. It should be noted that the cross is now once again below the descending trend line that has capped price action for over a year around 1.61. A break or hold of the channel bottom could dictate the price action to begin the week. A bounce back into the channel could expose the pair to push towards the TL at 1.61 followed by the top of the channel at 1.62. A continued break lower targets the 50 fib at 1.59.
Sup 1.6030 1.59
Res 1.6140 1.62
Keane Plan...Watching the price action at the bottom of the channel at 1.6030
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