GBPUSD supported at 1.5350 as the market continues to form higher highs and higher lows into an uptrend. ADX indicated a drop in market strength as the price fell momentarily to the support of 1.5350. Moving averages were seen as the taper off from its downward trend. Later in the day, there would be news release on Services PMI, however this would not be a huge impact on the pair but rather a factor that sees the pair hawkish.
H4 charts indicated that the price had been supported at 1.535 which is located near the 200EMA. This may indicate the increase in support strength at that level. This is supported too by the Stochastic as we may see the crossover of the signals at the level 21. However ADX indicated the slight decrease in the market strength towards the upside. If supported, we can see the price retracing towards 1.558. However, if the price breaks below the support, we can expect the movement towards 1.519.
Price seen supported at 1.535 with MACD indicating that current short trades should consider exiting. As the price bounced off the support level, ADX indicated the weakening market strength towards the upside. We may see the price continue upwards to 1.540.