GBP/USD 4H Chart: Channel Up

In order to confirm its bullish intentions the Sterling will have to bounce off the lower rising support line at 1.6383, a level which is reinforced by the 200-period SMA and the weekly S1, and rally up to 1.6669, where it is supposed to meet the upper boundary of the upward-sloping channel. Appreciation of the British Pound is also suggested by the technical indicators on the daily and weekly time-frames.