GBP/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A Pound-greenback cross has been moving in an uptrend for the last month, after the pair bottomed at 1.4814. Several trading sessions ago, after touching the resistance line, the pair has began to depreciate and has lost more than 100 pips already. Pattern's magnitude is above the average, meaning traders can expect some significant moves, though high returns. According to the tools of technical analysis, the pair is likely to continue moving towards the lower trend line, as 68% of all opened positions are short, while aggregate technical indicators on 4H chart are sending "sell" signal. However, the pair is facing a strong support around 1.5430, which would be difficult to breach.
© Dukascopy Bank SA
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