GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
After breaking a strong trend-line in April and setting a strong bullish motion in action, GBP/USD consolidated just to post some more gains in a channel up pattern afterwards. The cross has, however, just broken the pattern to the downside and appears to be forming a retracement of the broken area on the hourly chart. We will look for it to touch the 1.2936 area and then move on to a solid downward motion as part of the bearish signal. The zone right below is severely clustered, meaning that when the pair slips beneath the current level, some flatness might take over the motion.
© Dukascopy Bank SA
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