© Dukascopy Bank SA
Currently, the Pound is appreciating towards the upper trend line, that is located at 1.8278, of the pattern. Despite the hourly technical studies being strongly bullish, we stick more to the longer term ones, namely 4H and daily, that are distinctly bearish for the time being. At the same time, a slight majority (55%) of the SWFX traders' expect the pair to reverse the recent losses, as they have opened bullish positions on the pair. We see the pair declining lower, after approaching the upper boundary.
© Dukascopy Bank SA