GBP/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD undertook ascension to almost a ten-month high of 1.6261 reached on October 1. However, this altitude appeared to be hard to consolidate at and the British Pound succumbed to the heavy selling pressure.
On October 4, GBP/USD started to form a channel down that represented a relatively narrow corridor bounded by two steep downward-sloping lines. The pair is expected to prolong its decline, with 55.94% of traders holding short positions. Technical indicators are mixed, predicting an advance in the short-term and a decline in the medium term.
© Dukascopy Bank SA
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Fri, 11 Oct 2013 06:54:51 GMT

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