GBPUSD retests broken uptrend line

Financial markets are reversing yesterday's moves, and the greenback is sliding, while metals and stocks are advancing.

On Friday, the GBPUSD pair was seen 0.40% higher during the US session, trading at around 1.2970.

That seems to be strong resistance for today's trading as the broken short-term uptrend line is located there. If the Pound rises back above this trend line, the short-term outlook could switch back to bullish.

The immediate target for bulls would be the psychological level of 1.30 and afterward the 1.3080 zone, where previous highs are located. The medium-term resistance is spotted at October' highs of 1.3170/80.

Alternatively, the broken trend line's retest could be a bullish trap as currency pairs tend to retest their previous supports before continuing lower. 

In this case, the support could be near Thursday's lows of 1.29, and if it doesn't hold, we could see another leg lower, targeting levels near previous lows at around 1.2840/60.
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