GBPUSD slips to trend line support as sellers press the case

The GBPUSD is stretching to a new session low and is now testing a key rising trend line support. This level has helped define the uptrend over the past month and now becomes a critical barometer for buyers and sellers. Moving below gives the sellers more control.

A break below the trend line would shift focus toward the swing area between 1.3441 and 1.3423, followed by the 38.2% retracement level at 1.3391 of the move up from the May low. These are the next downside targets that would confirm sellers are gaining more control.

On the topside, resistance now stands at 1.3514—a broken support level that will need to be re-cleared to ease downside pressure.

For now, the technical bias is shifting more bearish, but sellers still have work to do to confirm a full breakdown..

UPDATE. The trend line is now been broken in the price is testing the time of the swing area between 1.34608 and 1.3473