GBP/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound is still trading downwards against the US Dollar, by respecting both trend lines of the bearish channel. However, while supported by a strong demand around 100 pips from below (monthly and weekly PP), a fast upside movement in the direction of the upper boundary is very likely to take place soon. At pattern's resistance, however, the Cable will encounter a supply in face of weekly R1 at 1.5404. Despite that, the medium-term outlook tends to remain positive, both from point of view technical indicators on a daily chart, as well as 51% of SWFX market participants. However, in the long-term term the Pound is still assumed to decline versus the Buck.
© Dukascopy Bank SA
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