© Dukascopy Bank SA
The Sterling is expected to fail against the Greenback very soon, as this pair has just reached the pattern's upper edge. However, considering continuation nature of the of descending triangle, GBP/USD is likely to break out of it with an upward confirmation. Now activity of the bulls is not at the highest possible level, even though the 4H technical indicators assume another scenario and the SWFX distribution between long (40%) and short (60%) positions will start favouring the former in the future. If there is a climb beyond 1.4673, namely the last weekly resistance, then the longs will make much serious attempts to regain the current May peak at 1.4771, followed by the monthly R1 at 1.4855.
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