GBP/USD Bounces Between our 1st and 2nd Tier Uptrend Lines

The Cable slipped through our 2nd tier uptrend yesterday as the currency pair followed gold and the EUR/USD lower following negative CBI realized sales data. However, the Pound continued to flex its muscles, and the GBP/USD exerted its relative strength by bouncing off of our 1st tier uptrend line, avoiding an immediate-term protracted selloff like the EUR/USD.