FxWirePro: GBP/USD moves to test key trend line to start the week

Friday’s support wasn’t enough.

• Last week, on Friday, the rising trend-line that has been in place since the last two weeks, provided support to the pound bulls around 1.32 area.
• However, that doesn’t seem to be enough as the pound bulls failed to clear the resistance around 1.33 area, amid Brexit confusions, and heads for another test of the trend-line.

If it breaks,

• A break of the trend line would open the possibility of a bigger decline in GBP/USD, which might move to test another but far more important trend-line around 1.3 area, which has been in place since last December and acted as crucial support for the pound bulls.
• But, expect strong buying around 1.32 area, even if the trend-line breaks.