GBPUSD CHANNEL

GBPUSD Is in the green to begin this weeks trading as prices rallied into today's US manufacturing data which was less than forecast ed as labor market slack and output utilization continue to be a concern for the FED's normalization rate policy. All being said the cable formed a inverted head and shoulders at the end of last weeks trading and then broke the neckline to validate a long set-up. Prices are now at the upper trend line of the parallel channel which has been shown to be a critical resistance point. Our outlook for today's trading is neutral as we have corrective wave labellings, we are waiting for a break of the channel and will adjust as position according to future price action.