GBP/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD gained inspiration after crossing its 200-bar SMA on July 22, the level which it was unable to surpass for almost a month. The rise triggered a short-term rally of the pair that failed to remain above its 200-bar SMA after breaking it for the first time in a month but managed to better this zone after a short pause and consolidated above it.
Currently, the 20-bar SMA is meandering above the pair, while 200-bar SMA is acting as a strong support level, sitting at the pattern's lower boundary. A jump above its short-term SMA may push a two-month high of 1.5721 reached last Wednesday to the fore.
© Dukascopy Bank SA
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