GBP/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a slight weakness in the cable during February and March, the pair resumed its rally, and is trying to hit 1.70-mark once again. At the moment of writing, the cable was changing hands at 1.6838, just 7 pips above the 200-period SMA. A move below the SMA will clear the way for a weekly S1 and pattern's support around 1.6783. Such a scenario looks probable, as technicals on the 4H and daily charts are sending ‘sell' signals. Meanwhile, a penetration of the lower boundary is unexpected, as aggregate indicators on the weekly chart are pointing at the rebound. Another fact, which speaks in favour of bearish scenario is market sentiment, with 55% of opened positions being short.
© Dukascopy Bank SA
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