GBP/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While GBP/USD showed solid signs of weakness in a head and shoulders and then channel down patter, it managed to break the latter to the upside, suggesting that a bullish outburst should follow. The pair is currently testing the 200-hour SMA and could now experience some flatness before eventually breaking through. What make the area even stronger are a set of other time-frame SMAs, which cluster around the long-term one, right below a cloud resistance area, which could again steal some of the bullish momentum. The previously broken neckline of the head and shoulders pattern is also right above, meaning that a lot of strength will be needed to extend the rally.

 

© Dukascopy Bank SA
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