GBP/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has been facing a strong buying pressure since it surpassed its 200-bar SMA on August 2, the level which was breached only once during the last two months. GBP/USD continued its rally until it met an important resistance at a two-month high of 1.5717 that sent the currency couple to its short-term SMA currently at 1.5592.
Despite trading in a bullish pattern, the pair is expected to decline in the days to come; almost 60% of orders are to placed to sell GBP/USD. If these expectations materialize, the pair will test a zone of four-hour support lines at 1.5595/69 (daily S1, S2, S3) and move to the daily S1 sitting close to the pattern's lower boundary at 1.5552.
© Dukascopy Bank SA
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