GBP/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Cable has been in a long decline since the second week on July, mostly showing the strength of the U.S. currency, rather than weakness of the Pound. After coming near the lower boundary of the channel, the pair started trading sideways for last couple of candles; however, it is moving in the direction of the upper trend-line at the same moment. We expect the pair to trade further down from the current mark of 1.6452, which is located just below the considerable resistance level at 1.6462 (monthly S1, Mar 23 low, down-trend). Technical indicators support the downside movement, being that four-hour and daily studies send strong bearish signals for the time being.
© Dukascopy Bank SA
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