GBP/USD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD was moving higher between July and October until it hit a half-year high on October 1. While appreciating, the pair commenced a formation of a rectangle pattern that started on August 28, with the upper boundary of the pattern lying at the half-year high hit on October 1 and October 28. At the moment of writing, the pair was trading slightly below its 50-bar SMA but it was expected to surpass this level in the hours to come, with 52.40% of traders being bullish on GBP/USD, according to the SWFX data. Technical indicators gainsay the SWFX numbers, calling for a depreciation in the short and medium terms.
© Dukascopy Bank SA
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