GBP/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound is in a channel up pattern against the US Dollar, as the rate recently confirmed the pattern's support line at 1.3086. At the moment, the currency exchange rate is at 1.3212, and it is moving north to the pattern's upper trend line now located at 1.3700. On its way upward, the pair is set to first struggle against the resistance put up by the weekly R1 at 1.3499. From the downside the Cable faces a strong support cluster made up of the 55 and 100-period SMAs at 1.3177, the weekly PP at 1.3175 and the pattern's lower trend line at 1.3130. Due to that, a movement lower at this point is most unlikely. However, aggregate technical indicators forecast no change in the pair in the next four hours and a downfall during the rest of the day.
© Dukascopy Bank SA
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Thu, 21 Jul 2016 11:31:59 GMT

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