GBP/USD 4H Chart: Channel Up

Since the first days of July GBP/USD has been in a distinct up-trend and the last 200 candlesticks that form a bullish channel are a part of this advancement after a prolonged phase of consolidation.

However, the currency pair has been recently struggling to overcome a tough resistance level at 1.6470 that could potentially turn the pair around. Still, the key support at 1.6345, which is created by the up-trend support and reinforced by the 200-period SMA, remains safe, meaning the chance of a rally is presently higher than a chance of a dip. Nonetheless, an overwhelming majority of traders are betting on Sterling's debasement—71% of them are short on GBP/USD.