GBP/USD: At risk of falling below the uptrend channel

GBP/USD prints mild gains, up 0.20% on a day to 1.3077, while Monday's 4-hour chart is showing the cable is at the bottom of the uptrend channel, FXStreet’s analyst Yohay Elam reports.

Key quotes

“GBP/USD is trading in an uptrend channel, setting higher highs and higher lows. However, the downdrift toward the bottom of the range has resulted in losing momentum on the 4-hour chart, as well as the 50 Simple Moving Average.” 

“The uptrend support line is at 1.3025 at the time of writing, nearly converging with Friday's low. The next cushion is at 1.2985, followed by 1.29 and 1.2845.” 

“Resistance is at 1.3085, the daily high, followed by 1.3115 and 1.3170, before August's high of 1.3183.”