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By looking at the past 100 days, we may assume that GBP/USD is currently trading between two parallel rising trend-lines, in other words within the boundaries implied by a channel up pattern.
Accordingly, a rebound from the support at 1.6392 will confirm this hypothesis and we will be expecting the rally to extend through the monthly pivot point at 1.6608 up to 1.6963. This scenario is also suggested by the weekly and monthly technical indicators, as most of them are giving ‘buy' signals at the moment. SWFX traders, however, do not seem to be convinced by these arguments—46% are presently holding long and 54% are holding short positions.
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