GBP/USD 1H Chart: Channel Up

The pattern started when the pair started appreciating from 1.5675. Currently the pair is trading at 1.6004. Technical indicators on aggregate point at augmentation of the pair on 1H horizon. Long traders could set their targets at daily pivot (R1) at 1.6023, pattern's high (7th of September) at 1.6035, daily pivot (R2) at 1.6054 and pattern's resistance limit at 1.6088.

The Stochastic indicator send sell signal on 1D horizon suggesting that pair might gain momentum and move towards pattern's support in the near future. The SWFX market sentiment is bearish as 72% hold short positions on the pair expecting depreciation of the pair. Short traders could set their targets at daily pivot (PP) at 1.5992, Fibonacci retracement (23.6% of move since 28th of August) at 1.5969, Fibonacci retracement (38.2%)/daily pivot (S2) at 1.5929/28 and 200 day SMA around 1.5939.