GBP/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the strong bullish (64%) sentiment on the Cable, the pair is currently declining, as it was able to form the 135-bar long channel down pattern on the four-hour chart. Being that the Pound has not breached the boundaries of the channel, it is still pointing on the  continuation of the present bearish trend. Four-hour and daily technicals also speak in favour of the further drop of the currency pair. 
At the moment the pair is trading in the upside correction phase around the 1.6642 level, while from the upside the pair is going to face a considerable resistance, represented by the monthly S2 level at 1.6646. However, we expect the Pound to lose value in the long term.

© Dukascopy Bank SA
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