GBP/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having established a solid support at 1.3080, the Cable is currently attempting to return to the July highs. Nevertheless, considering that the pair has just confirmed the resistance line, the near-term bias is to the downside. The price is also struggling to gain a foothold above the 23.6% retracement of the June 23 - July 6 move. The price is likely to retreat to 1.3260 before launching a successful attack on 1.3360. Meanwhile, the technical indicators reinforce the positive outlook, being particularly bullish in the four-hour time frame. In case the price tests 1.3260 but dips lower, the bulls will still have a good chance to recuperate at 1.32, where the weekly pivot point joins forces with the 200-hour SMA.
© Dukascopy Bank SA
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