GBP/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
While last week it was clear that the Sterling is losing value against the US currency, this week is marked by a much softer pace of the decline. Support is being created by the major level of 1.51, which is only going to be strengthened by the monthly S1 at 1.4939, followed by the pattern's lower edge some 30 pips more to the downside. Judging from signals given by technical indicators on daily and weekly time frames, the bearish case is still on the table. Moreover, additional negative impetus is coming from the downward-sloping 55-period SMA at 1.5237 and weekly/monthly pivot points just below 1.53. On the other hand, 63% of open positions are betting on a rise of the British Pound.
© Dukascopy Bank SA
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