GBP/USD 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a stronger-than-expected services data from the U.K., the cable shot up and almost hit a 200-bar SMA at 1.6073. However, traders do not see a lot of room for further appreciation, as 60% of opened positions are short. Nevertheless, pound's weakness is likely to be short-lived, as 59% of pending orders in a 50 pips range are placed to buy the pair, providing additional bullish momentum. While stochastic on a 4H chart is suggesting a turning point, and aggregate indicators on a daily chart are supporting this case, the pair is likely to bounce back from the 200-bar SMA and head towards recent low around 1.5924.
© Dukascopy Bank SA
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