GBP/USD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
US Dollar's weakness is also reflected by the Cable, which has been in the up-trend in the past five weeks. The GBP/USD currency pair bottomed out below 1.46 on April 13, and since then it has covered more than ten figures, by creating the well-pronounced bullish channel. At the same time, the pair will face a strong supply zone in the foreseeable future. The closest resistances are represented by monthly R1 and pattern's upper trend-line around 1.5750. In case these levels are crossed, as suggested by daily technical indicators, the Sterling may appreciate further in the direction of 1.6070 (monthly R2). Despite that, bears are still prevailing on the market with 53% of all opened trades.
© Dukascopy Bank SA
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