GBP/USD tests medium-term channel

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs44%47%-6.1%
Shorts56%53%4.9%
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuySell
Aggregate

Yesterday, the GBP/USD exchange rate reached the 1.3180 mark. During Tuesday morning, the rate was testing the upper boundary of the medium-term descending channel.

From a theoretical point of view, it is likely that a reversal south could occur in the nearest future. In this case the currency pair would have to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3096/1.3155 area.

On the other hand, the exchange rate could continue to test the upper channel line. It is unlikely that a breakout north could occur due to the resistance formed by the Fibo 50.00% at 1.3196.

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