GBP/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of the year, the British Pound has been unremittingly gaining value versus the greenback. This helped the pair to attain 1.7180, the highest level since at least 2009 that lies on the upper trend-line of the bullish tunnel, inside which GBP/USD is vacillating now.
Despite being able to consolidate above the 50-hour SMA at 1.7131 about an hour earlier, the currency couple still is under the risk of halting its winning streak given the disposition of the SMAs. The short-term SMA is approaching the long-term SMA at 1.7118; if the 50-hour SMA dives below the 200-hour SMA, the ‘death cross' will occur thus putting a notable selling pressure on the instrument.
© Dukascopy Bank SA
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