GBP/USD is trading over half a percent higher on Wednesday but the bulls have hit resistance. The market has moved back below 1.30 as two key levels met. GBP/USD 30-minute chart GBP/USD has been moving higher on Wednesday after the long downtrend inspired by the last set of Brexit negotiations. There has been a series of higher highs and higher lows on the intraday (30 minute) timeframe but the bulls hit a brick wall at 1.30. The technical pattern on the chart is a channel formation. The top of the channel met the psychological level and the price fell 71 pips. The next support on the downside is the channel low but beyond that, there is an important level at the key-value area. This is the point in the consolidation where the price has been hit the most times. Also around 1.2920 there has been two rejection points previously and this could be a support area. The indicators have recently turned bearish. The MACD histogram is green and the Relative Strength Index has now dipped below the 50-level. The signal lines are above the mid-point which suggests the uptrend might not be over yet but they are lagging in nature. The bulls need to wait and see if the wave high is tested and taken out again but the bears look to be in a slightly stronger position after the topside rejection. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Forex Today:Fed’s announcement met expectations, dollar grinds higher FX Street 2 years GBP/USD is trading over half a percent higher on Wednesday but the bulls have hit resistance. The market has moved back below 1.30 as two key levels met. GBP/USD 30-minute chart GBP/USD has been moving higher on Wednesday after the long downtrend inspired by the last set of Brexit negotiations. There has been a series of higher highs and higher lows on the intraday (30 minute) timeframe but the bulls hit a brick wall at 1.30. The technical pattern on the chart is a channel formation. The top of the channel met the psychological level and the price fell 71… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.