GBP/USD Price Analysis: Bulls and bears battle it out at key trendline support

• Cable bulls moved in on the back of the FOMC minutes.
• GBP/USD bears are attempting to break the trendline support.

GBP/USD is perking up following the Federal Open Market Committee minutes and has printed a fresh high for the day of 1.1133. It has since dipped back to 1.1090 to test the neckline of the 15-minute chart's W-formation and near the dynamic trendline support as the following chart shows:

GBP/USD M15 chart

The price is above last week's high, which is bullish for the day ahead whereby traders in Tokyo will note and acknowledge the prior day's highs also as a potential target area.

Failing that, however, on a break of the trendline support, a move back to the prior day's low could come about in an aggressive sell-off should the US dollar be a favourite among investors again ahead of Thursday's Consumer Price Index: