GBP/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/USD is on the verge of resuming its upward tendency, and the daily technical indicators suppose it may happen sooner than the current channel implies. Under the base scenario the Cable will fall down as low as 1.4545 before starting to build another leg to the north in the direction of the red boundary of the pattern at 1.4775. However, the upside risk is also created by the 200-hour SMA and the new weekly PP. They are located near the present trading level of the pair at 1.46. In case we observe an earlier rebound, the Sterling will be set for a 175-pip long rally against the US Dollar. As for the SWFX market sentiment, there is a mild difference between long (45%) and short (55%) positions.
© Dukascopy Bank SA
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