GBP/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As mentioned in the previous report, GBP/USD has recently broken out of the bullish channel. However, the upward momentum may still be alive, being that the 200-period SMA remains intact, and the technical indicators are mixed. Regardless, the short-term bias is to the upside. The exchange rate is expected to rebound from 1.53, but the surge is unlikely to extend beyond 1.5553, where the weekly pivot point merges with the falling resistance line. Alternatively, if the bears fail to keep the pair within the boundaries of the pattern, the price will be in a good position to re-test the May 21 high at 1.57, where it will also meet the monthly R1 and the recently broken trend-line.
© Dukascopy Bank SA
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